This is the second community solar park installation of the year by Clearway Energy Group, and both have been financed by CIT Group’s Power and Energy department. Over these two partnerships, $385 million in funding has been secured.
CIT Group has been the lead arranger in the efforts to secure $185 million in financing for a 66 MW community solar portfolio. Clearway Energy Group has planned nineteen projects across Massachusetts, Illinois, and New York. Their clean energy financing will now fund this series of developments, which are very spread out across the country. By developing the projects in this way, they have avoided the difficult task of finding land for such a complex and large solar development. Clearway is one of the largest developers and operators in the United States, and are significantly building their portfolio through this project, along with their similar solar park earlier this year.
This is the second partnership between the two companies, as CIT also helped Clearway secure $200 million earlier this year. That renewable energy funding went to twenty-one solar projects in Massachusetts, Minnesota, and New York. It seems that they have been keeping the trend of community solar parks in their recent projects, and CIT’s Power and Energy have been eager to help secure the funding needed.
“We are proud to continue advancing the development of community solar projects, which are key contributors to the growth of renewable power generation in the United States. CIT’s expertise in solar project finance has been helpful and we were pleased to work with them yet again on this latest transaction.â€
Steve Ryder; chief financial officer at Clearway Energy Group
CIT’s Commercial Finance sector has in-depth knowledge of the renewables and energy industry. They have created Power and Energy to manage this aspect of their business, which is who helped to secure this funding totaling $385 million this year. This allows them to work with companies looking for this type of unique funding, and offer them comprehensive financial solutions. Their large and diverse portfolio touches all assets through the energy sector, and Clearway was able to find an ideal deal through their partnership.
Solar farms or a collection of various solar projects throughout states is an excellent way to maximize solar distribution. Remaining present and progressive in various US markets is what has made Clearway Energy Group so prevalent in their field. They have projects in twenty-five states and focus on remaining low cost to their consumers. Although the majority of their projects are wind, they seem to be increasing their current 1.2 GW of solar power. They recently wrapped up a wind project in Texas and a solar + storage project in Massachusetts. CIT Group’s Power and Energy could be on the lookout to help other companies with a similar dedication to new technology and a diverse portfolio of projects who are looking to secure funding.
