CIT’s power and energy business served as coordinating lead arranger on $714 million in financing for a portfolio of thermal generation assets in California.

The proceeds will be used to refinance a 1.8-gigawatt portfolio owned by subsidiaries of the Avenue Capital Group and managed by Middle River Power. Assets within the portfolio consist of eight gas-fired peaking plants and two gas-fired combined cycle power plants located across California.

Middle River Power is a private equity-sponsored asset management platform focused on U.S. power generation assets. Its assets under management or in development include more than 3,000 megawatts of natural gas, coal, geothermal and solar power generation facilities.

“Middle River Power’s robust and reliable energy infrastructure is a critical component of economic security and growth across California,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “We were pleased to collaborate with them to support their financing needs on this portfolio.”