First Citizens Bank division CIT’s Power and Energy business has served as coordinating lead arranger on a $71.4 million in financing for a portfolio of solar projects.
Arches Solar LLC, a subsidiary to CleanCapital, is the borrower. It owns a portfolio distributed generation solar projects in Howard County, Md. The master purchase power agreement fully contracts the electricity generated by the projects.
“We are delighted to support the municipality of Howard County, Maryland, in its efforts to supply clean solar electricity to its buildings and facilities,” says Melinda Baglio, chief investment officer and general counsel at CleanCapital. “We appreciated CIT’s agility and expertise in serving as coordinating lead arranger for this financing.”
“We are pleased to work again with CleanCapital, an industry leader in solar and energy storage,” comments Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “This transaction is another example of our market-leading position in arranging financing for renewable power assets.”
Image: Photo by Jadon Kelley on Unsplash