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First Citizens Bank Arranges $211MM Financing for North Carolina Solar Power Development

July 26, 2023, 07:04 AM
Filed Under: Energy

First Citizens Bank's Energy Finance group, part of the CIT division, served as sole lead arranger on $211 million in financing for the 200-megawatt Oak Solar power plant in Gaston, North Carolina.
SunEnergy1 LLC, based in Mooresville, North Carolina, plans to build the solar power facility in two phases, with 100% of the power being sold to the McDonald's Corporation under 17-year power purchase agreement. The financing package included a term loan, letter of credit and a bridge loan.

"We are pleased to develop another major contribution to North Carolina's clean energy infrastructure, while also driving investment and economic growth," said Kenny Habul, President and CEO of SunEnergy1.

"The Oak Solar project will avoid many tons of carbon emissions and improve the sustainability and diversity of the state's power generation capabilities. We appreciated the expertise of the First Citizens Bank team in arranging this financing package as we advance toward our goals," he added.

"SunEnergy1 is well known throughout the industry for its skill and experience in developing and operating utility-scale solar facilities," said Mike Lorusso, managing director for the bank's Energy Finance group. "We were pleased to support our client with a financing package that meets their business needs."

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