CIT’s power and energy business served as coordinating lead arranger on $71.4 million in financing for a portfolio of solar projects.
The borrower, Arches Solar, a subsidiary of CleanCapital, owns a portfolio of distributed generation solar projects being developed in Howard County, MD. Electricity generated by the projects is fully contracted under a master purchase power agreement, which, according to CIT, is the largest such agreement signed to date in the state.
Since its founding in 2015, CleanCapital has deployed more than $800 million into more than 200 projects as an owner/operator of commercial solar and energy storage assets in the United States.
“We are delighted to support the municipality of Howard County, MD, in its efforts to supply clean solar electricity to its buildings and facilities,” Melinda Baglio, chief investment officer and general counsel at CleanCapital, said. “We appreciated CIT’s agility and expertise in serving as coordinating lead arranger for this financing.”
“We are pleased to work again with CleanCapital, an industry leader in solar and energy storage,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “This transaction is another example of our market-leading position in arranging financing for renewable power assets.”
