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CIT leads $162 million financing for 144-MW Texas solar plant

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This week, CIT Group Inc. announced that its Power and Energy unit served as sole lead arranger on a $162 million financing package for the 144-MW East Blackland Solar Project in Travis County, Texas.

The financing was arranged on behalf of Recurrent Energy LLC, which functions as Canadian Solar’s U.S. project development arm. Recurrent has already developed more than 2.4 GW of solar projects and is planning another 5 GW to come.

East Blackland, also known as the Pflugerville Solar Farm, is an alternating current solar project. Austin Energy, a publicly owned utility providing electric power to Austin, Texas, and surrounding areas, will buy electricity generated under the terms of a 15-year power purchase agreement (PPA).

“This solar project will provide the Austin region with another valuable source of clean, renewable power. In addition, the construction and operation of the project will contribute to the region’s economic growth,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.

In connection with the financing, CIT is also providing a package of cash management and capital markets service.

“Recurrent Energy is well recognized as a top developer of renewable energy projects,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy unit. “We were pleased to work them on this financing and proud to play a continuing role in supporting the expansion of renewable power throughout the U.S.”

CIT is a renewable energy lender in the U.S. Earlier this year, CIT’s Power and Energy business was recognized with a Stevie American Business Award for its success in financing renewable energy and battery storage projects.