CIT Arranges $24MM Solar Energy Financing
CIT Group said it arranged a $24 million senior secured credit facility for a 12.3 megawatt solar photovoltaic energy installation at Joint Military Base McGuire-Dix-Lakehurst in Burlington County, NJ. The installation is a portfolio company of True Green Capital Management, a New York-based private investment firm specializing in asset-based investments in distributed renewable power.
CIT Energy served as sole lead arranger in the transaction and financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are excited by this opportunity to work with True Green Capital Management on this innovative project to supply clean solar energy to U.S. military families,” said Mike Lorusso, managing director and group head of CIT Energy. “We’re pleased to utilize our industry experience to serve an integral role in the growing sector of alternative energy.”
Jeffrey T. Brown, a founder and partner of True Green Capital Management, said, “True Green Capital Management is proud to provide domestic, renewable energy to U.S. military families through the McGuire-Dix-Lakehurst solar project. Beyond its status as one of the largest military community-based photovoltaic power plants in the U.S., this project is a strategic investment for our firm that reinforces the important role solar energy will play in our domestic energy mix in the coming years. True Green Capital Management’s ability to finance the project was enhanced by the collaboration of all committed stakeholders. The support and cooperation of our lender CIT, United Communities, the U.S. Air Force and Trinity Solar made this important project possible.”