CIT Group Power and Energy served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, NC.

The project is owned by Kayne Anderson Capital Advisors, an alternative investment manager, and marks its first solar investment supplying the PJM Interconnection grid. Kayne partnered with Birch Creek Development and Pine Gate Renewables, a utility-scale solar developer based in Asheville, NC. Pine Gate EPC will be constructing the 112-megawatt facility.

“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,” Jon Levinson, managing partner and co-head of renewables at Kayne, said. “We look forward to continuing to execute on our robust pipeline of opportunities, particularly in U.S. solar.”

“CIT was pleased to work closely with Kayne Anderson and Pine Gate Renewables in arranging financing to bring this project to fruition,” Mike Lorusso, managing director and group head for CIT’s Power and Energy business, said. “We are proud to play a role in supporting the continued expansion of renewable power throughout the U.S.”

In connection with the financing, CIT is providing a package of cash management and capital markets services.

Power and Energy, part of CIT’s Commercial Finance division, leverages its industry knowledge and expertise to offer financing solutions for renewable and conventional power generation. The unit manages a portfolio that includes investments in all asset classes across the energy sector.