CIT Group finances nine community solar gardens in Minnesota, developed by Nordic Solar

CIT Group

The Energy Finance unit of CIT Group‘s Commercial Finance division served as sole lead arranger and administrative agent for about $36 million in financing for Nordic Solar LLC, a developer and owner of solar energy facilities, to support the operation of a newly constructed portfolio of nine community solar garden projects in Minnesota comprising nearly 60 megawatts of capacity. The transaction represents CIT’s first financing agreement on a community solar project.

“We were pleased to lead this transaction on behalf of Nordic Solar as renewable power projects continue to gain traction as a viable alternative to conventional power generation,” said Mike Lorusso, managing director of CIT’s Energy Finance business. “CIT has been very active in financing solar and wind projects, which contribute to economic development and sustainability efforts.”

CIT’s Energy Finance unit leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation.

RELATED: New guide shows strategies for pairing community solar with storage

— Solar Builder magazine

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