True Green Capital gets CIT debt for 70 MW of community solar in NY

Solar panels. Author: Frédéric BISSON. License: Creative Commons, Attribution 2.0 Generic.

January 28 (Renewables Now) - US bank holding company CIT Group Inc (NYSE:CIT) has provided USD 42.8 million (EUR 38.9m) in debt for a 70-MW portfolio of community solar projects in New York state.

The so-called NY Solar Farms portfolio is owned by the third fund of energy infrastructure asset manager True Green Capital Management LLC. Featuring 10 projects across six locations in the central and northeastern parts of the state, the photovoltaic (PV) portfolio is one of the largest ones of its kind, the lender said on Monday.

Apart from the almost USD-43 million debt extended by CIT Group’s Power and Energy unit, the community solar portfolio is also supported by debt financing from the NY Green Bank. Details about the specific projects were not available.

Connecticut-based True Green Capital Management operates on the distributed power generation market, focusing on the sub-utility-scale solar power sector. Through its funds, the company owns close to 400 MW of operational solar assets and also has over 200 MW under construction or development.

(USD 1.0 = EUR 0.908)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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