CIT Group’s power and energy unit served as lead arranger on a $217 million financing for the 200-megawatt Hillcrest solar photovoltaic project in Brown County, OH.
The financing was arranged on behalf of Innergex Renewable Energy, a Canada-based independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms and solar farms. Innergex’s portfolio includes 68 operating renewable energy facilities with an aggregate net installed capacity of 2,588 megawatts.
“Securing Hillcrest’s financing is an important step forward, and we are very pleased with [the] agreement we have reached,” Michel Letellier, president and CEO of Innergex, said. “We greatly appreciated CIT’s agility and expertise in arranging this financing and ability to deliver while working remotely.”
In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.
“We are very pleased to again support Innergex as it continues to expand its portfolio of renewable energy projects,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “Innergex is making major strides in advancing the growth of renewable power and CIT is proud to play a role in facilitating that growth.”
In connection with the financing, CIT is providing a package of cash management and capital markets services.
CIT’s power and energy unit is part of the company’s commercial finance division. The unit offers financing solutions for renewable and conventional power generation. It also manages a portfolio that includes investments in all asset classes across the energy sector.