CIT’s power and energy business served as coordinating lead arranger of construction financing for a major new solar energy project in Texas.

Allianz Capital Partners, an owner and operator of renewable power projects, purchased a majority interest in the project and will co-own the project alongside Avantus. The project will be supported in part by a long-term purchase power agreement with EDF Energy Services. Tenaska led the tax equity investment for the project and Tenaska’s power marketing affiliate, Tenaska Power Services, will serve as the qualified scheduling entity when the project comes online in 2023.

“We continue to see strong demand for solar projects that supply low-cost, clean, renewable power to consumers and businesses,” Tom Buttgenbach, founder and CEO of Avantus, said. “We greatly appreciated the expertise and continued partnership with CIT’s power and energy team in leading the financing for this exciting new project.”

“We were pleased to lead financing for this Galloway 2 solar project, just as we were proud to serve as coordinating lead arranger on the initial Galloway project financing in 2020,” Mike Lorusso, managing director and group head for CIT Power and Energy, said.