CIT arranges USD-36m loan for 23.4-MW wind farm in Puerto Rico
Sep 25, 2013 - US commercial lender CIT Group Inc (NYSE:CIT) said Wednesday it had arranged a credit line of USD 36 million (EUR 26.7m) to the 23.4-MW Puerto Lima wind farm in Naguabo, Puerto Rico that is owned by Sovereign Bank NA.
CIT Corporate Finance was the lead arranger for the senior secured credit facility, while the money came from CIT Bank, CIT’s commercial bank arm in the US. Additional details were not disclosed.
Sovereign Bank, part of Banco Santander (MCE:SAN), acquired the wind farm in the spring of 2013 in a USD-88-million sale and leaseback deal with Gestamp Wind Energy North America, a unit of Spain's Corporacion Gestamp. In April Gestamp Renewables said it had begun commercial operation of the Punta Lima plant.