CIT Group Announces $126 Million Financing for 108-MW Solar Project in North Carolina

CIT Group Inc. today announced that its Power and Energy unit served as lead arranger on a $126 million financing for the 108-megawatt (MW) direct current Trent River Solar project in Pollocksville, North Carolina. The financing was arranged on behalf of solar project developer Pine Gate Renewables, a leading utility-scale solar developer headquartered in Asheville, North Carolina. The company currently operates more than 400 MW of renewable energy projects and has an additional 4 gigawatts of projects in different stages of development throughout the country. The Trent River Solar project will sell power to Duke Energy Progress under a 20-year power purchase agreement. In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.