CIT Arranges $210MM in Financing for Solar Project in Texas



CIT’s power and energy business served as coordinating lead arranger on nearly $210 million in financing for a solar project in Brazoria County, TX.

Located in the Greater Houston power market, the project is a utility-scale solar project with 260 megawatts of direct current generation capacity. Construction is underway, with commercial operation planned for 2022.

The project was developed by Savion, an affiliate of Macquarie’s green investment group, a developer and owner of renewable projects with a pipeline exceeding 20 gigawatts globally. Immediately upon closing, the project was sold to and the debt assumed by S&B US Energy, a subsidiary of Shikun & Binui, a global Israeli infrastructure and real estate company. S&B US Energy will take over the development from closing through commercial operations.

“Brazoria West Solar Project is an exciting opportunity to help support the growing demand for solar power in the Houston area while also contributing to the region’s economic development,” Nick Lincon, president of Savion, said. “The Savion team is pleased to have played a key role in making this project possible.”

“We appreciated CIT’s expertise in developing the financing for this project as we continue to expand our renewable power portfolio in the U.S.,” Kevin Yaich, president of S&B US Energy, said.

“Reaching financial close with our financing partners on this valuable asset is a key milestone of our continuing growth in the U.S.,” Jeremie Debomy, executive vice president of M&A for S&B US Energy, said.

“Savion and the green investment group are renowned for their expertise in the power generation space and we are pleased to collaborate with them to support their financing needs on this project,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “We are equally excited to help Shikun & Binui establish a foothold in the U.S. power and infrastructure markets as they continue to grow their portfolio here.”


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