CIT Arranges $200MM in Financing for Solar Power Project in Illinois

CIT’s power and energy business served as coordinating lead arranger for approximately $200 million in financing for the 149-megawatt Big River solar power project in White County, IL.

D. E. Shaw Renewable Investments (DESRI), a North American renewable energy provider, is the project sponsor. DESRI is part of the D. E. Shaw Group, an investment and technology development firm with more than $55 billion in investment capital.

The project’s 149 megawatts of alternating current power are contracted under multiple purchase power agreements for most of the next two decades.

“Illinois electricity customers are seeing the value of clean, renewable power generation, and we are proud to play a role in helping provide that resource,” Thomas de Swardt, chief commercial officer of DESRI, said. “In addition, solar energy projects like Big River support economic development, promote energy independence, create jobs and generate local tax revenue. We look forward to the successful completion of this project and to [pursuing] new opportunities throughout the region.”

“We are proud to support financing for this project on behalf of DESRI, which is well-known across the U.S. and all of North America as one of the leading developers of renewable energy,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “This transaction extends our track record as a financing leader in renewable power generation.”

CIT consistently ranks among the nation’s top lenders for renewable energy projects, as reported by market research firm Inframation, an Acuris company. Power Finance & Risk recognized CIT as Renewable Energy Lead Arranger of the Year in 2020.

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