CIT leads $162 million financing for 144-MW Texas solar plant

This
week, CIT Group Inc. announced that its Power and Energy unit
served as sole lead arranger on a $162 million financing package for
the 144-MW East Blackland Solar Project in Travis County, Texas.

The
financing was arranged on behalf of Recurrent Energy LLC, which functions as
Canadian Solar’s U.S. project development arm. Recurrent has already developed
more than 2.4 GW of solar projects and is planning another 5 GW to come.

East
Blackland, also known as the Pflugerville Solar Farm, is an alternating current
solar project. Austin Energy, a publicly owned utility providing electric power
to Austin, Texas, and surrounding areas, will buy electricity generated under
the terms of a 15-year power purchase agreement (PPA).

“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,” said
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.

In
connection with the financing, CIT is also providing a package of cash management and capital
markets service.

“Recurrent
Energy is well recognized as a top developer of renewable energy
projects,” said Mike Lorusso, managing director and group head for
CIT’s Power and Energy unit. “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.”

CIT is a
renewable energy lender in the U.S. 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.