NEW YORK, June 1, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as sole coordinating lead arranger for
a $225 million letter of credit
facility on behalf of 8minute Solar Energy (8minute), a leading
developer of renewable energy projects nationwide.
8minute intends to use the credit facility to arrange purchase
power agreements and interconnection agreements associated with its
development pipeline of solar and storage projects representing 18
gigawatts of power in California,
Texas and the southwestern
United States.
"8minute is pleased to continue to receive increasing investment
and financing to help us deliver on our rapidly expanding
pipeline," said Dr. Tom Buttgenbach,
President and CEO of 8minute. "CIT has again demonstrated its
agility and industry expertise to arrange this financing and
advance the deployment of our large-scale solar and energy storage
projects."
8minute is the largest privately-held solar power developer in
the U.S., with nearly 2 gigawatts of solar projects in operation
and an additional 18 gigawatts of solar and 24 gigawatt-hours of
energy storage under development, consisting of more than 50
utility-scale projects in various stages. The new letter of credit
facility is 10 times larger than a previous version that it
replaces, reflecting the strength and growth of 8minute's pipeline
in recent years.
"We are delighted to expand our growing relationship with
8minute by arranging this first-of-a-kind financing facility," said
Mike Lorusso, managing director and
group head for CIT's Power and Energy business. "With this
transaction, CIT has now led financings on behalf of 8minute Solar
totaling nearly $570 million for
solar projects capable of generating 267 megawatts of renewable
power. We look forward to continuing to support their financing
needs."
In leading this letter of credit facility, CIT extends its track
record as one of the top renewable energy lenders nationwide,
according to market research firm Inframation, an Acuris
company.
CIT led a group of four other banks in arranging the letter of
credit facility. In addition to leveraging its financing and
structuring expertise, CIT is also providing a comprehensive
package of capital markets services and treasury management
solutions.
Power and Energy, part of CIT's Commercial
Finance division, leverages its deep industry knowledge and
expertise to offer comprehensive financing solutions for renewable
and conventional power generation. The unit manages a large,
diverse portfolio that includes investments in all asset classes
across the energy sector.
About CIT
CIT is a leading national bank focused on empowering businesses
and personal savers with the financial agility to navigate their
goals. CIT Group Inc. (NYSE: CIT) is a financial holding company
with over a century of experience and operates a principal bank
subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The
company's commercial banking segment includes commercial financing,
community association banking, middle market banking, equipment and
vendor financing, factoring, railcar financing, treasury and
payments services, and capital markets and asset management. CIT's
consumer banking segment includes a national direct bank and
regional branch network. Discover more at cit.com/about.
About 8minute Solar Energy
8minute Solar Energy (8minute) is the largest privately-held
developer of solar PV and storage projects in the United States. Founded in 2009 by
President and CEO Dr. Tom
Buttgenbach, 8minute has over 18 GW of solar and storage
projects under development, with 2 GW in operation in 2020. The
company holds many industry records, including the development of
the largest solar plant in the nation, the first operational solar
plant in the US to beat fossil fuel prices, as well as the Eland
Solar & Storage Center, the lowest cost PPA for a new
generation of fully dispatchable solar-plus-storage baseload power
plants. 8minute is a solar industry leader in technology,
engineering, and development innovations—with a team that has a
track record of delivering above-market profitability and strong
financial returns on utility-scale solar and storage projects. For
more information, please visit www.8minute.com.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.