CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged a $100 million senior secured credit facility for AWCC Holdings LLC, a subsidiary of American Wind Capital, to acquire a portfolio of land leases and lease royalties from solar projects from Hawaii to New York.
CIT Corporate Finance, Energy served as Lead Arranger in the transaction and financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This unique financing will allow AWCC to further grow its portfolio of land leases and lease royalties throughout the United States,” said Mike Lorusso, Managing Director and Group Head of CIT Energy. “This transaction allowed us to showcase our range of creativity and capabilities in the renewable energy sector in structuring a deal that benefited all parties.”
American Wind Capital’s CEO Chuck Hinckley said, “CIT and AWCC have structured an innovative and first of its kind financing for both our existing portfolio as well as a flexible facility that will allow us to expand our business. We acquire and lease the real estate underlying utility scale solar power projects, allowing project sponsors to optimize their capital structures. To date, we have acquired over 8,000 acres under 540MW of operating solar projects. Given the robust pipeline of solar projects in development across the U.S., we see tremendous growth potential in this business segment. In our traditional business of monetizing wind power project rents for landowners, we provide landowners that host windpower projects with an important source of liquidity that allows them to retain ownership of their land. We expect CIT to be an outstanding partner as we expand our portfolio in both of these business segments.”
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About American Wind Capital Company
American Wind Capital is a triple net leasing business focused on the power sector, and also acquires rental income from landowners who lease their land to wind power projects. American Wind Capital is located in Old Saybrook, Connecticut. AmericanWindCapital.com.
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/corporatefinance
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of June 30, 2013, it had $11.1 billion of deposits and $13.9 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a bank holding company with more than $35billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its 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 vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Matt Klein, 973-597-2020
Vice President, Media Relations
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
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