According to CIT Group Inc., a financial holding company, the power and energy business served as the coordinating lead arranger for the financing of the 149 MW Big River solar power project in White County, Illinois.
The project sponsor is DE Shaw Renewable Investments (DESRI), a provider of low-cost renewable energies throughout North America. DESRI is part of the DE Shaw Group, a global investment and technology development firm with more than $ 55 billion in investment capital.
The project's 149 MW AC power will be contracted under multiple purchasing power contracts for most of the next two decades, reflecting continued solid demand for renewable energy generation.
“Illinois power customers recognize the value of clean, renewable energy generation and we are proud to be our part of providing this resource,” said Thomas de Swardt, CCO of DESRI. “In addition, solar energy projects like Big River support economic development, promote energy independence, create jobs and generate local tax revenues. We look forward to the successful completion of this project and to pursuing new opportunities across the region. “
Power and Energy, part of CIT's Commercial Finance division, uses its industry knowledge and expertise to provide financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments across all asset classes in the energy sector.
In connection with financing, CIT offers a package of cash management and capital market services.
Photo: CIT Group website for projects in the field of renewable energies and energy