CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, today announced that its Commercial Finance division’s Energy Finance business served as sole lead arranger and administrative agent for $46.5 million in construction-only financing on behalf of Cypress Creek Renewables, a developer and owner of solar energy facilities nationwide. The financing will support construction of six utility-scale solar projects in North Carolina totaling 29.9 megawatts.
“We are proud to lead this transaction for Cypress Creek Renewables, one of the nation’s leading developers and owners of solar energy facilities,” said Mike Lorusso, managing director of CIT’s Energy Finance business. “Projects like these contribute both to economic development and to the growth of sustainable power generation.”
“This financing accelerates our mission to put as much solar in the ground as possible,” said Cypress Creek Chief Executive Officer Matthew McGovern. “We are excited to further build our business with the support of CIT.”
The projects covered by this financing range from 4.5 megawatts to 5.0 megawatts with 10- to 15-year purchase power agreements from utilities. Individual projects will be located in Randolph, Gaston, Alamance, Jones, Pamlico and Rowan counties in North Carolina.