CIT’s power and energy business served as coordinating lead arranger for $84 million in financing for a new 140-megawatt solar farm in Fort Bend County, TX.

This utility-scale project known as Cutlass Solar will be built about 40 miles southwest of Houston. Its sponsor, Advanced Power, is a power generation company with multiple projects in the U.S., Canada and Europe.

“The Cutlass Solar project is the first project of Advanced Power’s +1 GW solar development pipeline to reach financial close and will add significantly to the renewable generation capacity in the Greater Houston area,” Jonathan Winslow, COO of Advanced Power Development, said. “We have worked successfully with CIT on multiple project financings, so we were confident in their capabilities when we called on them again to arrange financing for this important project.”

“Advanced Power is well known for its expertise in power generation, and we were pleased to collaborate with them once again to support their financing needs on this project,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said.