CIT Group’s Power and Energy unit has arranged approximately US$200 million in financing for a 76MW portfolio of community solar projects located across four US states.
CIT’s financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the US. In total, the 76MW community-solar pipeline is comprised of 21 individual projects, located in Illinois, Massachusetts, Minnesota and New York.
Steve Ryder, chief financial officer at Clearway Energy Group, said: “Community solar projects are key contributors to the growth of clean energy generation in the US. We appreciated CIT's expertise in financing this important milestone in our community solar business.”
Mike Lorusso, managing director and group head for CIT’s Power and Energy business, added: “Empowering customers with the financing needed to reach their goals is core to CIT. This is the latest of several financings we have helped arrange for Clearway Energy Group and we are excited to work with them again to help advance the steady progress of solar power generation.”
Clearway has been active over the past year. Back in September 2019, the company completed construction and brought online three grid-scale solar power projects on the island of O‘ahu in Hawaii.
These three projects, which will help contribute to Hawaii’s goal of achieving 100% renewable energy by 2045, will contribute approximately 3% to Hawaiian Electric’s renewable portfolio standards (RPS) goal, which reached 27% by the end of 2018.
In April 2019, Clearway sold off the 150MW North Rosamond solar project in Kern County, California to Duke Energy Renewables.