CIT Leads $69MM Financing for Solar Portfolio

CIT’s power and energy business led a $69 million financing for a portfolio of solar facilities owned and operated by Strata Solar, a solar and storage energy service provider based in North Carolina.

The 23 operating solar assets in the portfolio, a majority of which are located in North Carolina, have a combined capacity of more than 130 megawatts. Output from the solar assets is covered by purchase agreements.

“Solar power is an increasingly important source of clean, renewable energy,” Jimmy Chuang, chief capital markets officer of Strata Solar, said. “We appreciated CIT’s expertise and agility in arranging financing for this portfolio of solar facilities.”

“Strata Solar has a well-earned reputation for excellence in solar power development, and we are pleased to support their continuing efforts with this latest financing,” Mike Lorusso, managing director and group head of CIT’s power and energy business, said.

Market research firm Inframation has consistently ranked CIT among the top lenders for renewable energy projects in the United States. CIT also was recognized as Renewable Energy Lead Arranger of the Year in 2020 by Power Finance & Risk, an energy industry trade publication.

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