NEW YORK, July 7, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as lead arranger on a $118.5 million financing for the utility-scale
Harts Mill Solar project in Edgecombe
County, North Carolina.
The project is owned by Kayne Anderson Capital Advisors L.P., a
leading alternative investment manager, and marks their first solar
investment supplying the PJM Interconnection grid. Kayne has
partnered with Birch Creek Development and Pine Gate Renewables, a
successful utility-scale solar developer based in Asheville, North Carolina. Pine Gate EPC will
also be constructing the 112-megawatt facility.
In leading this financing, CIT extends its track record as one
of the top renewable energy lenders nationwide, according to market
research firm Inframation, an Acuris company.
"We are very pleased to have closed the Harts Mill financing,
and greatly appreciate CIT's expertise and agility in successfully
leading this important financing," said Jon
Levinson, Managing Partner and co-head of Renewables at
Kayne. "We look forward to continuing to execute on our robust
pipeline of opportunities, particularly in U.S. solar."
"CIT was pleased to work closely with Kayne Anderson and Pine Gate Renewables in
arranging financing to bring this project to fruition," said
Mike Lorusso, managing director and
group head for CIT's Power and Energy business. "We are proud to
play a role in supporting the continued expansion of renewable
power throughout the U.S."
In connection with the financing, CIT is providing a package of
cash management and capital markets services.
Power and Energy, part of CIT's Commercial
Finance division, leverages its deep industry knowledge and
expertise to offer comprehensive financing solutions for renewable
and conventional power generation. The unit manages a large,
diverse portfolio that includes investments in all asset classes
across the energy sector.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
About Kayne Anderson
Kayne Anderson Capital Advisors is a leading alternative investment
management firm focused on infrastructure, real estate, credit and
private equity. Kayne's investment philosophy is to pursue
niches, with an emphasis on cash flow, where the firm's knowledge
and sourcing advantages enable an ability to deliver above average,
risk-adjusted investment returns. Kayne manages over
$27 billion in assets (as of 3/31/20)
for institutional investors, family office, high net worth and
retail clients and employs nearly 370 professionals in five offices
across the U.S.
About Pine Gate Renewables
About Pine Gate Renewables
Pine Gate Renewables is a developer, owner, and operator of
utility-scale solar farms with 400+ MWs of operational sites across
the country. To learn more about Pine Gate and their mission to Get
Solar Done, visit www.pgrenewables.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.