CIT arranges debt for 260-MWp solar deal in Texas

Image by: Innovative Solar Systems LLC (ISS).

November 30 (Renewables Now) - US financial holding company CIT Group Inc (NYSE:CIT) on Monday said it has acted as the coordinating lead arranger for USD 210 million (EUR 185.5m) in financing for a 260-MW DC solar project in Texas.

CIT’s Power and Energy business took part in a deal involving the acquisition of the specific project by construction and real estate group S&B US Energy Inc, part of Israeli infrastructure and real estate group Shikun & Binui Ltd. The scheme was purchased from developer Savion, a portfolio company of Macquarie’s Green Investment Group (GIG).

The debt funding by CIT was assumed by S&B US Energy, which took possession of the scheme after its financial closing.

The Brazoria West photovoltaic (PV) park is currently being installed around 40 miles (64.4km) southwest of Houston, in Brazoria County. Once up and running, it will be capable of producing electricity for around 37,100 local homes, with its output to be supplied to the Houston area under a commercial and industrial power purchase agreement (PPA) and an off-take contract with an energy trading company. The solar farm is due to go online in 2022.

CIT said that in connection with the financing, it is providing a package of cash management and capital markets services.

(USD 1.0 = EUR 0.883)

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