CIT Group Inc. has coordinated an $84 million financing package for a new utility-scale solar farm to be built 40 miles southwest of Houston.
The 140-megawatt Cutlass Solar project is sponsored by Advanced Power, which has numerous projects in the United States, Canada and Europe.
“The Cutlass Solar project is the first project of Advanced Power’s +1-gigawatt solar development pipeline to reach financial close and will add significantly to the renewable generation capacity in the Greater Houston area,” said Jonathan Winslow, COO of Advanced Power. “We have worked successfully with CIT on multiple project financings, so we were confident in their capabilities when we called on them again to arrange financing for this important project.”
