CIT’s power and energy business served as lead arranger for $68.4 million in financing for the acquisition of Crane Solar, a 150-megawatt solar farm located in Crane County, TX, and an adjacent 25-megawatt battery development.
Starwood Energy Group Global, a private investment firm focused on energy infrastructure, acquired the Crane Solar assets from Consolidated Edison Development with the financing provided by CIT. Electricity generated by Crane Solar is fully contracted through a purchase power agreement with Vistra Corporation, with approximately 11 years of contract life remaining.
“We worked closely with Starwood Energy to understand their goals for this important acquisition and to come up with the financing arrangements to meet their needs,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “We look forward to the opportunity to support their future growth as they continue to build their portfolio of renewable energy assets.”
