NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it jointly arranged a senior secured credit facility for K Road Power, an independent power developer, to acquire the McHenry Solar Project, a 25-megawatt photovoltaic solar project, from SunPower Corp. (NASDAQ: SPWR), a Silicon Valley-based manufacturer of high efficiency solar cells, solar panels and solar systems.
Return To View More News...
CIT Energy served as Joint Lead Arranger for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“Our ability to arrange this acquisition financing is representative of our commitment to the middle market energy sector,” said Mike Lorusso, Group Head of CIT Energy. “The purchase of the McHenry Solar Project will support K Road Power’s growth strategy of owning and operating a diversified portfolio of solar photovoltaic generating assets with long-term supply relationships.”
William Kriegel, chairman and chief executive officer of K Road Power, said, “This successful financing underscores the quality of the project, SunPower’s technology and the strength of lead arrangers, including CIT Energy, as well as the professionalism and focused efforts of everyone involved.”
The McHenry Solar Project, currently under construction in Modesto, California, will create up to 144 construction jobs and inject approximately $18.7 million into the local economy during construction. It will supply clean, renewable electricity to the Modesto Irrigation District, a community-owned electric and water utility in California’s central valley.
About K Road Power
K Road Power is an independent power developer focused on developing, financing, owning and operating utility-scale solar projects. Founded and led by William Kriegel, K Road principals have a 25-year history of successfully developing and safely operating over 20,000 megawatts of conventional and renewable power assets, consistently creating exceptional value for both shareholders and project stakeholders. K Road promotes sustainable, renewable energy development with a focus on reliability and efficiency in concert with environmental and social responsibility. K Road has offices in New York City and San Francisco. kroadpower.com.
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is a wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of March 31, 2012, it had $6.7 billion of deposits and $9.6 billion of assets. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com