CIT Serves as Lead Arranger in $26 Million Financing to Citizens Solar
NEW YORK -- May 06, 2013
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 $26 million senior secured credit facility to
Citizens Solar Holdings for the construction of five ground-mounted solar
photovoltaic power generation facilities located in Devens, Holyoke, Whately
and Agawam, Massachusetts. Citizens Solar Holdings is part of Citizens Energy,
a 501(c)4 non-profit originally founded by Joseph Kennedy II in 1979 to use
revenues from commercial enterprises to support charitable programs in the
U.S. and abroad.
CIT Corporate Finance served as Sole Lead Arranger in the transaction and
financing was provided by CIT Bank, the U.S. commercial bank subsidiary of
CIT. Bostonia Partners acted as Financial Advisor to Citizens Energy for these
projects. Terms of the transaction were not disclosed.
“Citizens is a well-known and proven electric utility with substantial
experience developing, owning and operating power projects,” said Mike
Lorusso, Group Head of CIT Energy. “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.”
Joseph Kennedy II, Chairman and President of Citizens Energy, said, “We’re so
grateful to CIT for their faith in us and our solar projects. Thanks to their
financing expertise, we’re able to deliver greener and cleaner low-cost energy
and at the same time generate revenues to help the poor."
View CIT’s corporate overview video (http://cit.com/corporatevideo) that
showcases our support of the small business, middle market and transportation
Follow us on Twitter: @citgroup, on LinkedIn: LinkedIn.com/company/cit, on
YouTube: YouTube.com/citgroupvideo, and on Facebook: facebook.com/citgroup.
Individuals interested in receiving corporate news releases can register at
cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss.
About Citizens Energy
Citizens Energy is a non-profit company founded in 1979 by Joseph P. Kennedy
to provide low-cost heating oil to the poor and elderly. The company grew to
encompass seven separate for-profit subsidiaries, including the largest energy
conservation firm in the U.S. Citizens was a pioneer in the natural gas
industry, becoming the first non-producer to move gas from the wellhead to
over 30 states. As a precursor to market changes under electricity
deregulation in the late 1990s, Citizens was the first non-utility to market
electrical power across state lines. More recently, Citizens has expanded its
oil heat program to serve customers in 23 states and the District of Columbia,
as well as pursue renewable energy projects involving wind, green
transmission, solar and geothermal generation. Each commercial venture is
aimed at generating revenues that in turn are used to assist the poor and
those in need in the United States and abroad. citizensenergy.com
About CIT Corporate Finance
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: Chemicals, Commercial Real Estate,
Communications, Energy, Entertainment, Gaming, Healthcare, Industrials,
Information Services & Technology, Restaurants, Retail, and Sports & Media.
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 March 31,
2013, it had $10.6 billion of deposits and $13.3 billion of assets.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35
billion in financing and leasing assets. A member of the Fortune 500, 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 also
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
CIT MEDIA RELATIONS:
C. Curtis Ritter, Director of Corporate Communications
Matt Klein, Vice President, Media Relations
CIT INVESTOR RELATIONS:
Ken Brause, Executive Vice President
Press spacebar to pause and continue. Press esc to stop.