Daily News: September 25, 2014

CIT Features Solarize Energy Deal in Series

CIT Group released the next installment in its CIT Behind the Deal series of client case studies showcasing how the lending, leasing and advisory expertise of CIT executives has helped their clients achieve success. This installment features Solarize Energy, an end-to-end solar project development and management company, and highlights how CIT Canada supported the company when it was looking to grow, but had limited capital.

“Our team has a great deal of experience as an advisor and arranger of energy and infrastructure projects across Canada, and we’re comfortable lending to middle market clients in growing industries like solar power generation,” said Terry Parco, managing director, CIT Corporate Finance, Energy & Infrastructure. “We saw a great company with potential to grow in a financially underserved niche in Canada, and we knew our team was uniquely positioned to deliver industry-leading expertise and financing products.”

Solarize, which specializes in installations of photovoltaic cells on the roofs of large agricultural buildings, found that many lenders had limited interest or experience in lending to a middle market solar company. CIT Corporate Finance, Energy & Infrastructure, a unit of CIT Canada, was able to offer Solarize financial advisory services and commercial financing that allowed the company to invest in several new projects.