CIT Group’s Power and Energy unit served as sole lead arranger on a $42.8 million in debt financing to support NY Solar Farms, a 70-megawatt community solar portfolio located in Central and Northeastern New York State.
The solar portfolio – one of the largest of its type comprising 10 projects across six different sites – is owned by True Green Capital’s third fund. Combined, TGC’s funds have approximately 400 megawatts of solar projects operating and more than 200 megawatts under construction or development, including an additional 80 megawatts of New York community solar projects.
Debt financing for the portfolio was also provided by NY Green Bank, a state-sponsored financial entity working to increase investments into New York’s clean energy markets.
“Community solar projects are an important pillar of New York’s clean energy strategy,” said Chris Kirkman, head of project finance at TGC. “The NY Solar Farms portfolio is another example of how solar projects can support local economies and power homes and businesses while reducing our reliance on fossil fuels.”
“CIT is one of the leading banks financing renewable energy projects,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy unit. “We are excited to be working in this vital industry and pleased to assist True Green Capital with a financing package that supports the growth of community solar power in New York.”
“NY Green Bank is pleased to be continuing its support of the rapidly growing community solar market in New York State by providing debt financing to TGC’s 70-megawatt portfolio,” said Alfred Griffin, NY Green Bank president. “With CIT taking the lead as sole arranger for this debt financing, it is clear that private sector investors are increasingly active in the New York State renewable energy market. This accelerated activity supports New York State’s nation-leading climate and clean energy goals under Governor Cuomo.”