Citizens Solar Holdings, a company which forms part of non-profit firm Citizens Energy, has secured a US$26 million credit facility which will be used to fund the construction of five PV projects in Massachusetts, US.
The credit facility was arranged by CIT Corporate Finance while financing is being provided by CIT Bank, the US commercial bank of CIT Group. Bostonia Partners, meanwhile, acted as financial advisor to Citizens Energy for the solar projects. Terms of the transaction were not disclosed.
“Citizens is a well-known and proven electric utility with substantial experience developing, owning and operating power projects,” said Mike Lorusso, group head of CIT Energy. “Completing this transaction further enhances CIT’s position in the project finance marketplace for renewable energy transactions while helping to grow the alternative energy sector.”
The five ground-mounted solar projects will be located in Devens, Holyoke, Whately and Agawam. However, no further details have been revealed about the planned projects.