CIT’s power and energy business served as coordinating lead arranger on a $151 million financing for the 250-megawatt Galloway I solar farm planned for Concho County, TX.
The financing was arranged on behalf of Skyline Renewables and 8minute Solar Energy (8minute), which will continue to jointly oversee development and construction of the project. Galloway I was acquired by Skyline Renewables, a renewables company backed by the infrastructure team at Ardian, a private investment house.
The project is supported in part by a power purchase agreement with an energy marketer and a fixed-shape hedge with Morgan Stanley Capital Group. CIT led a group of four other lenders in arranging the financing, with Morgan Stanley Renewables serving as tax equity investor.
“We’re very pleased to be adding such a robust solar project in the dynamic Texas energy market,” Martin Mugica, president and CEO of Skyline Renewables, said. “This latest project marks another important step forward to becoming a leading North American clean independent energy company.”
“Market demand remains strong for renewable power generated by projects like the Galloway solar farm,” Tom Buttgenbach, founder and CEO of 8minute, said. “We greatly appreciated the expertise of CIT’s power and energy team in leading the financing for this exciting new project.”
“8minute and Skyline are well known for developing and operating successful utility-scale renewable projects, and we are pleased to work with them to arrange financing for Galloway I,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said.
