The power and energy business of CIT Group Inc. has served as coordinating lead arranger on a $323 million refinancing of the 142-megawatt Coso Geothermal power facility in Southern California.
CIT arranged the financing on behalf of project sponsor Avenue Capital and its wholly-owned asset manager Middle River Power, as well as other co-owners Bardin Hill, Corre and Voya investment funds.
The Coso Geothermal facility has been a steady source of renewable power for the Southern California region for more than 30 years, according to CIT Group. In fact, the site is considered one of the top three producers of geothermal electrical power in the United States.
“Southern California is a strong market for the kind of clean, renewable power generated by the Coso facility,” said James Suehr, CFO of Middle River Power. “With this financing in place, Coso remains on track to continue delivering renewable electric power to the region for many years to come.”
