CIT Group Inc. says its Power and Energy business served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, N.C.
The project is owned by Kayne Anderson Capital Advisors L.P., an alternative investment manager, and marks their first solar investment supplying the PJM Interconnection grid. Kayne has partnered with Birch Creek Development and Pine Gate Renewables, a successful utility-scale solar developer based in Asheville, N.C. Pine Gate EPC will also be constructing the 112 MW facility.
In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.
“We are very pleased to have closed the Harts Mill financing, and greatly appreciate CIT’s expertise and agility in successfully leading this important financing,” says Jon Levinson, managing partner and co-head of renewables at Kayne.
“We look forward to continuing to execute on our robust pipeline of opportunities, particularly in U.S. solar,” he adds.
In connection with the financing, CIT is providing a package of cash management and capital markets services.
Photo: Pine Gate Renewables’ landing page