CIT Group Inc., a financial holding company, says its Power and Energy business served as coordinating lead arranger for approximately $200 million in financing for the 149 MW Big River solar power project in White County, Ill.
The project sponsor is D. E. Shaw Renewable Investments (DESRI), a provider of cost-effective renewable energy across North America. DESRI is part of the D. E. Shaw Group, a global investment and technology development firm with more than $55 billion in investment capital.
The project’s 149 MW AC are contracted under multiple purchase power agreements for most of the next two decades, reflecting continued solid demand for renewable power generation.
“Illinois electricity customers are seeing the value of clean, renewable power generation, and we are proud to play a role in helping provide that resource,” says Thomas de Swardt, CCO of DESRI. “In addition, solar energy projects like Big River support economic development, promote energy independence, create jobs and generate local tax revenue. We look forward to the successful completion of this project and to pursuing new opportunities throughout the region.”
Power and Energy, part of CIT’s Commercial Finance division, says it leverages its industry knowledge and expertise to offer 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.
In connection with the financing, CIT is providing a package of cash management and capital markets services.
Photo: CIT Group’s Renewable Energy & Power Projects web page