Nearly $185 million in community solar funding has been secured by Power and Energy of CIT Group Inc. The funds are to finance a 66-megawatt portfolio of projects proposed by Clearway Energy Group to be installed in Massachusetts and additional states.
Power and Energy secured the funds on behalf of Clearway, a well-known generator of renewable energy throughout the United States. The community solar funding is expected to go toward 19 projects, which will span Massachusetts, New York, and Illinois. CIT recently announced that it was the primary arranger for another set of Clearwater projects. That portfolio consisted of 21 projects expected to generate 76-megawatts of energy in New York, Minnesota, Massachusetts, and Illinois. CIT was able to secure approximately $200 million for the 21 projects.
CFO of Clearway, Steve Ryder, spoke about the new portfolio, solidifying the company’s cause in generating clean, renewable energy across the country. He added that Clearway is excited to work with CIT, which has played an important role in previous portfolios and projects.
Along with the financing, CIT plans to give Clearway Energy Group services for capital markets and cash management. CIT’s finance division, which includes Power and Energy, offers energy providers with funding solutions. Its portfolio consists of a range of projects pertaining to the energy sector.
Among its services, CIT provides financing for conventional energy projects and renewable projects, including wind and geothermal. It also assists with construction, lending options, acquisition financing, and support for submitting bids. CIT has solidified itself as a leading lender in the renewable energy industry with a diverse portfolio that has helped many steps inch toward their goals of net-zero carbon emissions.
Currently, Clearway has a portfolio of over 4.7 gigawatts of wind and solar installations. Upwards of 300 megawatts of its operations are dedicated to community and distributed solar programs. Clearway is present in more than 20 states, including Hawaii, Texas, California, Florida, and New York.