NEW YORK, Aug. 26, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as coordinating lead arranger on a
$266 million financing for Longroad
Energy's 331-megawatt Prospero 2 solar project in Andrews County, Texas.
A leader in renewable energy project development, operation and
services, Longroad Energy owns over 1.4 gigawatts of wind and solar
projects either in operation or construction across the U.S.
The new Prospero 2 solar farm follows the original 379-megawatt
Prospero project, also in Andrews
County, which recently declared commercial operation. CIT's
Power and Energy business also served as coordinating lead arranger
on the first Prospero project.
Both Prospero projects are among the largest solar power
generation facilities in Texas, as
is the nearby 315-megawatt Phoebe solar facility developed,
financed, and built by Longroad with financing led by CIT as
well.
When Prospero 2 is completed, these three Longroad projects will
have collectively added more than 1 gigawatt of renewable power
capacity in Texas, while also
making significant contributions to the state's economic
development and job growth.
In leading this latest financing, CIT extends its track record
as one of the nation's top renewable energy lenders, according to
market research firm Inframation, an Acuris company. CIT's Power
and Energy business was recently recognized with a 2020 Stevie
American Business Award for its success in financing renewable
energy and battery storage projects.
"We were pleased to once again leverage CIT's expertise and
ability to lead the financing of our latest solar project," said
Pete Keel, CFO of Longroad Energy.
"The Prospero 2 project represents another significant
addition of renewable power capacity to Texas."
"We are proud to extend our collaboration with Longroad by
leading the Prospero 2 solar financing," said Mike Lorusso, managing director and group head
of CIT's Power and Energy unit. "Longroad continues to be at the
forefront of this major energy transition and CIT is pleased to
have played a role in supporting them as well as the ongoing
development of renewable power nationwide."
CIT led a group of six other bank lenders in arranging financing
on the project. In addition to leveraging its financing and
structuring expertise for this project, CIT is providing a
comprehensive package of capital markets services and treasury
management solutions.
Power and Energy, part of CIT's Commercial
Finance division, leverages its deep industry knowledge and
expertise to offer comprehensive financing solutions for renewable
and conventional power generation. The unit manages a large,
diverse portfolio that includes investments in all asset classes
across the energy sector.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.