CIT Arranges Financing for K Road’s McHenry Solar Acquisition
CIT Group announced that it jointly arranged a senior secured credit facility for K Road Power, an independent power developer, to acquire the McHenry Solar Project, a 25-megawatt photovoltaic solar project, from SunPower Corp., a Silicon Valley-based manufacturer of high efficiency solar cells, solar panels and solar systems.
“Our ability to arrange this acquisition financing is representative of our commitment to the middle market energy sector,” said Mike Lorusso, group head of CIT Energy. “The purchase of the McHenry Solar Project will support K Road Power’s growth strategy of owning and operating a diversified portfolio of solar photovoltaic generating assets with long-term supply relationships.”
William Kriegel, chairman and chief executive officer of K Road Power, said, “This successful financing underscores the quality of the project, SunPower’s technology and the strength of lead arrangers, including CIT Energy, as well as the professionalism and focused efforts of everyone involved.”
The McHenry Solar Project, currently under construction in Modesto, CA, will create up to 144 construction jobs and inject approximately $18.7 million into the local economy during construction. It will supply clean, renewable electricity to the Modesto Irrigation District, a community-owned electric and water utility in California’s central valley.