CIT Group’s Power and Energy unit served as sole lead arranger on a $42.8 million in debt financing to support NY Solar Farms, a 70-megawatt community solar portfolio located in central and northeastern New York State.
The solar portfolio – one of the largest of its type comprising 10 projects across six different sites – is owned by True Green Capital’s 3rd fund. Combined, TGC’s funds have approximately 400 megawatts of solar projects operating and over 200 megawatts under construction or development, including an additional 80 megawatts of New York community solar projects.
“Community solar projects are an important pillar of New York’s clean energy strategy,” said Chris Kirkman, head of project finance at TGC. “The NY Solar Farms portfolio is another example of how solar projects can support local economies and power homes and businesses while reducing our reliance on fossil fuels.”
Debt financing for the portfolio was also provided by NY Green Bank, a state-sponsored financial entity working to increase investments into New York’s clean energy markets.
“NY Green Bank is pleased to be continuing its support of the rapidly growing community solar market in New York State by providing debt financing to TGC’s 70-megawatt portfolio,” said Alfred Griffin, NY Green Bank president.
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.
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