CIT’s power and energy business served as coordinating lead arranger on refinancing totaling $323 million for Coso’s geothermal power facility in Southern California.

CIT arranged the financing on behalf of project sponsor Avenue Capital and its wholly-owned asset manager, Middle River Power, alongside other co-owners Bardin Hill, Corre and Voya investment funds. The project is supported by three separate power purchase agreements.

“Southern California is a strong market for the kind of clean, renewable power generated by the Coso facility,” James Suehr, CFO of Middle River Power, said. “With this financing in place, Coso remains on track to continue delivering renewable electric power to the region for many years to come.”

“Geothermal is a valuable source of renewable power, especially because of its unique ability to generate electricity around the clock,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “We are proud to continue our relationship with Avenue Capital and Middle River Power by arranging this financing for the Coso project, and we look forward to continuing to support their financing needs in the future.”

Developed in 1987, the 142-megawatt Coso Geothermal facility is a source of renewable power for the Southern California region.