CIT Group lines up refinancing for 130 MW solar portfolio

The deal follows an earlier $210 million financing package for a 260 MW Texas solar project.

December 2, 2021 David Wagman

Image: Wikimedia Commons/Dave Dougdale

CIT Group said that its power and energy business led the refinancing of a $69 million portfolio of solar facilities owned and operated by Strata Clean Energy.

The portfolio includes 21 operating solar assets in North Carolina that total more than 130 MW of generation capacity. Output is covered by power purchase agreements.

In late November, CIT Group said it 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 Texas 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 also provided a package of cash management and capital markets services.

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