NEW YORK, Dec. 11, 2020 /3BL Media/ -- CIT Group Inc. (NYSE: CIT) recently announced that its Power and Energy business served as coordinating lead arranger on a $256 million financing for the 250-megawatt (MW) Taygete I Energy Project owned by 7X Energy, Inc (7X) and located in Pecos County, Texas.
7X Energy is a leading utility-scale solar developer, owner, and asset manager that has originated 1,350 (MWac) of solar projects that are operational or under construction in Texas alone and has a pipeline of over 4,000 MW across the United States.
Construction has been completed by Swinerton Renewable Energy with full energization to be complete in early 2021. A portion of the energy generated from the Taygete I solar project will be sold through a long-term hedge agreement to J. Aron & Company LLC., a subsidiary of Goldman Sachs. The other power purchaser is an S&P A- Rated entity. As coordinating lead arranger, CIT brought in five other lenders into the transaction.
"Texas is a robust market for renewable energy, and we are pleased to add Taygete I to the state's solar generation capacity," said Clay Butler, CEO of 7X Energy. "CIT has established themselves as a Texas solar financing thought-leader and their involvement with the project was critical in achieving this major milestone."
"7X Energy is one of the nation's leaders in solar power development," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We are pleased to support their continuing efforts by arranging the financing for Taygete I and look forward to working with them again in the future."
CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm Inframation, an Acruis company. Earlier this year, CIT also was recognized as Renewable Energy Lead Arranger of the Year by Power Finance & Risk, a top energy industry trade publication.
Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive 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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
John M. Moran
KEYWORDS: NYSE:CIT, CIT Group, Taygete I Energy Project, 7X Energy