CIT Group’s energy finance business has arranged $46.5 million in construction-only financing on behalf of Cypress Creek Renewables, a developer and owner of solar energy facilities nationwide.
The financing will support construction of six utility-scale solar projects in North Carolina totaling 29.9 megawatts.
Mike Lorusso, managing director of CIT's energy finance business (pictured above), said: “We are proud to lead this transaction for Cypress Creek Renewables, one of the nation's leading developers and owners of solar energy facilities.
“Projects like these contribute both to economic development and to the growth of sustainable power generation.”
The projects covered by the financing range from 4.5 megawatts to 5 megawatts with 10-15-year purchase power agreements from utilities. Individual projects will be located throughout North Carolina.
Cypress Creek chief executive officer Matthew McGovern said: “This financing accelerates our mission to put as much solar in the ground as possible.
“We are excited to further build our business with the support of CIT.”
Separately, CIT Group’s corporate banking unit arranged for $180 million in financing for HCT Group, a leader in innovative design, engineering and manufacturing of packaging solutions for global beauty brands.
CIT led the transaction, which will provide HCT with capital for growth and expansion.
HCT chief executive officer Tim Thorpe said: “CIT was instrumental in pulling together the financing we need to accelerate our growth and expansion.
“We were pleased with CIT's nimble and responsive leadership in finding creative solutions for our financing needs.”