CIT Group’s Power and Energy has secured approximately $200 million to finance a 76-megawatt community solar project portfolio. The New York-based holding company is funding the portfolio on behalf of Clearway Energy Group, a renewable energy development leader with facilities across the United States.
The new community solar project portfolio is slated for installation in four states. Massachusetts, New York, Minnesota, and Illinois will be receiving improvements to their current clean energy offerings through portions of the $200 million in funding secured by Power and Energy. According to Clearway Energy Group’s chief financial officer, Steve Ryder, these community solar projects are essential to the growth of renewable energy use throughout the nation.
Power and Energy is responsible for securing funding for various community solar project portfolios and has become a leading source for companies in need of financing. Mike Lorusso, the managing director and group head of Power and Energy, states that this kind of work is essential to CIT’s goals. Lorusso confirmed that the $200 million in financing is among several projects that CIT helped fund for Clearway Energy Group.
CIT aims to empower businesses in the renewable energy industry and provide them with the financing required to meet their goals. The Power and Energy division deals specifically with clean energy projects and portfolios. Along with community solar, Power and Energy has also fund wind and geothermal energy projects.
CIT’s Power and Energy provides a range of services, including construction and term lending and asset-based lending. Its primary areas of focus include power and energy services, including conventional and renewable energy and storage systems.
Included in Clearway Energy Group’s growing portfolio of solar projects are several wind energy installations. Development projects controlled by Clearway are often available to contract out to municipalities, local businesses, and major corporations. The company works primarily with Wholesale Power Purchase Agreements and Virtual Power Purchase Agreements.