CIT Serves as Sole Lead Arranger in Solar Energy Financing
CIT Serves as Sole Lead Arranger in Solar Energy Financing
NEW YORK--(BUSINESS WIRE)-- CIT Group Inc. (NYS: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged a $24 million senior secured credit facility for a 12.3 megawatt solar photovoltaic energy installation at Joint Military Base McGuire-Dix-Lakehurst in Burlington County, New Jersey. The installation is a portfolio company of True Green Capital Management LLC, a leading New York-based private investment firm specializing in asset-based investments in distributed renewable power.
CIT Energy served as Sole Lead Arranger in the transaction and financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"We are excited by this opportunity to work with True Green Capital Management on this innovative project to supply clean solar energy to U.S. military families," said Mike Lorusso, Managing Director and Group head of CIT Energy. "We're pleased to utilize our industry experience to serve an integral role in the growing sector of alternative energy."
Jeffrey T. Brown, a Founder and Partner of True Green Capital Management, said, "True Green Capital Management is proud to provide domestic, renewable energy to U.S. military families through the McGuire-Dix-Lakehurst solar project. Beyond its status as one of the largest military community-based photovoltaic power plants in the U.S., this project is a strategic investment for our firm that reinforces the important role solar energy will play in our domestic energy mix in the coming years. True Green Capital Management's ability to finance the project was enhanced by the collaboration of all committed stakeholders. The support and cooperation of our lender CIT, United Communities, the U.S. Air Force and Trinity Solar made this important project possible."
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About True Green Capital Management LLC
True Green Capital Management LLC is a privately owned, specialized asset management firm managing investment capital for institutions and high net worth individuals in the United States and abroad. The firm targets directly originated asset-based investment opportunities across the capital structure with a focus on distributed power generation infrastructure in non-traditional energy sectors. Further information is available at truegreencapital.com.
About CIT Energy
CIT Energy provides value-added financing products and advisory services to higher growth, entrepreneurial companies throughout the energy and power sector. By combining extensive industry experience, structuring expertise and underwriting capacity, CIT Energy creates comprehensive solutions to our clients' most critical strategic and funding needs. CIT Energy currently manages a large, diverse portfolio, which includes investments in all asset classes across the energy sector. cit.com/energy
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is wholly-owned subsidiary of CIT Group Inc. (NYS: CIT) . It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, it had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
About CIT
Founded in 1908, CIT (NYS: CIT) is a bank holding company with more than $33billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
CIT MEDIA RELATIONS:
C. Curtis Ritter
Director of Corporate Communications
(973) 740-5390
Curt.Ritter@cit.com
or
Matt Klein
Vice President, Media Relations
(973) 597-2020
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause
Executive Vice President
(212) 771-9650
Ken.Brause@cit.com
KEYWORDS: United States North America New Jersey New York
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