New York, NY /PRNewswire/ - CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as coordinating lead arranger on a $266 million financing for Longroad Energy's 331-megawatt Prospero 2 solar project in Andrews County, Texas.
A leader in renewable energy project development, operation and services, Longroad Energy owns over 1.4 gigawatts of wind and solar projects either in operation or construction across the U.S.
The new Prospero 2 solar farm follows the original 379-megawatt Prospero project, also in Andrews County, which recently declared commercial operation. CIT's Power and Energy business also served as coordinating lead arranger on the first Prospero project.
Both Prospero projects are among the largest solar power generation facilities in Texas, as is the nearby 315-megawatt Phoebe solar facility developed, financed, and built by Longroad with financing led by CIT as well.
When Prospero 2 is completed, these three Longroad projects will have collectively added more than 1 gigawatt of renewable power capacity in Texas, while also making significant contributions to the state's economic development and job growth.
In leading this latest financing, CIT extends its track record as one of the nation's top renewable energy lenders, according to market research firm Inframation, an Acuris company. CIT's Power and Energy business was recently recognized with a 2020 Stevie American Business Award for its success in financing renewable energy and battery storage projects.
"We were pleased to once again leverage CIT's expertise and ability to lead the financing of our latest solar project," said Pete Keel, CFO of Longroad Energy. "The Prospero 2 project represents another significant addition of renewable power capacity to Texas."
"We are proud to extend our collaboration with Longroad by leading the Prospero 2 solar financing," said Mike Lorusso, managing director and group head of CIT's Power and Energy unit. "Longroad continues to be at the forefront of this major energy transition and CIT is pleased to have played a role in supporting them as well as the ongoing development of renewable power nationwide."
CIT led a group of six other bank lenders in arranging financing on the project. In addition to leveraging its financing and structuring expertise for this project, CIT is providing a comprehensive package of capital markets services and treasury management solutions.
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.