Daily News: September 26, 2013

CIT Arranges $36MM Financing to Wind Farm

CIT said it arranged a $36 million senior secured credit facility to Punta Lima, owner of the Punta Lima Wind Farm in Puerto Rico. The financing was structured through a sale and leaseback of the facility between Sovereign Bank (owner of Punta Lima) and Gestamp Wind.

CIT Corporate Finance served as sole lead arranger in the transaction and financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“Wind power facilities are an increasingly important part of the alternative energy mix, a sector CIT Energy has extensive experience in,” said Mike Lorusso, group head of CIT Energy. “This transaction provides CIT an opportunity to partner with an established renewable developer and we look to growing our relationship with Gestamp.”

Javier Mateache, chief executive officer of Gestamp Wind, said, “This wind power facility is an exciting development for renewable energy development in Puerto Rico, which traditionally relied heavily on imported petroleum products as their dominant energy source for the island. We selected CIT because the firm is dedicated to its clients and because of their successful track record of supporting our sector.”