CIT Group Inc. announced that its Power and Energy business served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, North Carolina.
The project is owned by Kayne Anderson Capital Advisors L.P., a leading alternative investment manager, and marks their first solar investment supplying the PJM Interconnection grid. Kayne has partnered with Birch Creek Development and Pine Gate Renewables, a successful utility-scale solar developer based in Asheville, North Carolina. Pine Gate EPC will also be constructing the 112-megawatt facility.
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 have closed the Harts Mill financing, and greatly appreciate CIT’s expertise and agility in successfully leading this important financing,” said Jon Levinson, Managing Partner and co-head of Renewables at Kayne. “We look forward to continuing to execute on our robust pipeline of opportunities, particularly in U.S. solar.”
In connection with the financing, CIT is providing a package of cash management and capital markets services.
Power and Energy, part of CIT’s Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
— Solar Builder magazine