CIT Serves as Sole Lead Arranger for $59.8 Million Financing for GCL New Energy
CIT Group Inc (DEL) (CIT)
Last cit group inc (del) earnings: 4/21 06:00 am
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Source: PR Newswire
NEW YORK, March 24, 2017 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that its Energy Finance business served as sole lead arranger and administrative agent for a $59.8 million construction and tax equity bridge loan and back-levered term loan facility to GCL New Energy Inc., a U.S. solar development unit of GCL New Energy Holdings Ltd. The financing will support an 84.5 megawatt-dc portfolio of eight solar projects that are nearing completion of construction in Wilson County, North Carolina. Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Terms of the transaction were not disclosed. The North Carolina solar farms, which cover approximately 430 acres of land, are fully contracted under 10-year PPAs to North Carolina Eastern Municipal Power Agency. The projects, three of which are expected to be producing solar power for the city of Wilson by March 31,
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