CIT Group arranges finance for Texas solar project


CIT Group Inc. said that its power and energy business served as coordinating lead arranger on nearly $210 million in financing for a solar project in Brazoria County, Texas, near Houston.

The 260 MWdc Brazoria West Solar Project is under construction, with commercial operation planned for 2022.

The project was developed by Savion, an affiliate of Macquarie’s Green Investment Group. Upon closing, the project was sold to and the debt assumed by S&B US Energy Inc., a unit of Shikun & Binui Ltd., an Israeli infrastructure and real estate company. S&B US Energy will take over the development from closing through commercial operations.

In connection with the financing, CIT is providing a package of cash management and capital markets services.

Established in 1924, Shikun & Binui Ltd. is a construction, development, and real estate group. This is the second major solar project acquisition that S&B USA has made since it entered the U.S. market in March 2020. The first acquisition, last December, was for a 49.5% interest in the 107.8 MW Beacon portfolio, alongside fellow energy investment firm TortoiseEcofin. The seller in that transaction, Capital Dynamics, retained 1% ownership.

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