The company has secured the funds through its solar energy arm, Citizens Solar Holdings. CIT Corporate Finance was the sole lead arranger for the credit facility, while financing was provided by CIT’s bank subsidiary, CIT Bank.
CIT Energy group head Mike Lorusso remarked: "Completing this transaction further enhances CIT’s position in the project finance marketplace for renewable energy transactions while helping to grow the alternative energy sector."
Meanwhile, the five ground-mounted solar photovoltaic power generation facilities are planned in Devens, Holyoke, Whately and Agawam, Massachusetts.
