CIT Group’s power and energy unit served as sole lead arranger on a $162 million financing for the East Blackland solar project in Travis County, TX.
The financing was arranged on behalf of Recurrent Energy, a wholly owned subsidiary of Canadian Solar that functions as Canadian Solar’s U.S. project development arm. A player in renewable energy development, Recurrent has already developed more than 2.4 gigawatts of solar projects and is planning another five gigawatts to come.
East Blackland, also known as the Pflugerville Solar Farm, is a 144-megawatt (MW) alternating current solar project. Austin Energy, a publicly owned utility providing electrical power to the city of Austin, TX, and surrounding areas will buy electricity generated by the project under the terms of a 15-year power purchase agreement.
“This solar project will provide the Austin region with another valuable source of clean, renewable power. In addition, the construction and operation of the project will contribute to the region’s economic growth,” Dr. Shawn Qu, chairman and CEO of Canadian Solar, said. “We are pleased to work with the CIT team on this financing and leverage their expertise and agility to move this project forward.”
CIT is considered one of the top renewable energy lenders in the U.S., according to market research firm Inframation, an Acuris company. Earlier this year, CIT’s power and energy business was recognized with a Stevie American Business Award for its success in financing renewable energy and battery storage projects.
“Recurrent Energy is well recognized as a top developer of renewable energy projects,” Mike Lorusso, managing director and group head for CIT’s power and energy unit, said. “We were pleased to work them on this financing and proud to play a continuing role in supporting the expansion of renewable power throughout the U.S.”
In connection with the financing, CIT is providing a package of cash management and capital markets services.