CIT’s power and energy business led the refinancing of a $69 million portfolio of solar facilities owned and operated by Strata Clean Energy, an integrated solar and storage energy service provider based in North Carolina.

The portfolio consists of 21 operating solar assets located throughout North Carolina and totaling more than 130 megawatts of generation capacity. Output from the solar assets is covered by purchase agreements that ensure steady market demand for the renewable power they generate.

“Financing this portfolio is another demonstration of how CIT is continuing to support Strata’s ongoing growth,” Jimmy Chuang, CFO of Strata Clean Energy, said. “Once again, we appreciated their industry knowledge, expertise and agility in funding these renewable power assets.”

“Strata Clean Energy continues to grow its reputation for excellence in solar power development,” Mike Lorusso, managing director and group head of CIT’s power and energy business, said. “CIT is proud to play a role in supporting Strata with financing to advance its business objectives.”