CIT Group Inc. has released a statement stating that its Power and Energy business led the refinancing of a $69 million line of solar facilities operated by Strata Clear Energy LLC, which is a leader in integrated solar and providing storage energy service based in North Carolina.
The line of solar facilities consists of 21 operating solar assets that are located across North Carolina and totaling more than 130 megawatts of generation capacity. These assets are covered via a purchase agreement that came sure that there is a steady demand in the market for the renewable energy they generate.
“Financing this portfolio is another demonstration of how CIT is continuing to support Strata’s ongoing growth,” said Jimmy Chuang, Chief Financial Officer of Strata Clean Energy. “Once again, we appreciated their industry knowledge, expertise, and agility in funding these renewable power assets.”
“Strata Clean Energy continues to grow its reputation for excellence in solar power development,” said Mike Lorusso, managing director and group head of CIT’s Power and Energy business. “CIT is proud to play a role in supporting Strata with financing to advance its business objectives.”
As reported by market research firm Inframation, an Arcuis company, CIT ranks as the country’s top lender for renewable energy projects. The company was also named the Renewable Energy Lead Arranger of the Year in 2020 by Power Finance & Risk.