CIT Group Inc. says its Power and Energy business served as the coordinating lead arranger in the financing of the 149 MW Big River solar power project in White County, Illinois, for approximately $ 200 million.
The project sponsor is D. E. Shaw Renewable Investments (DESRI), a provider of low-cost renewable energy throughout North America. DESRI is part of the D. E. Shaw Group, a global investment and technology development firm with more than $ 55 billion in invested capital.
The project's 149 MW AC power will be under multiple purchase power contracts for most of the next two decades, reflecting continued solid demand for renewable power generation.
"Illinois power customers recognize the value of clean, renewable power generation, and we are proud to play a role in delivering this resource," said 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 revenues. We look forward to the successful completion of this project and to pursuing new opportunities across the region. "
Power and Energy, part of CIT's Commercial Finance Division, uses its industry knowledge and expertise to provide financing solutions for renewable and conventional power generation. The unit manages a large, diversified portfolio that includes investments across all asset classes in the energy sector.
In connection with the financing, CIT offers a package of cash management and capital market services.
Photo: Website for renewable energy and electricity projects of the CIT group