CIT Group Inc.’s power and energy business has served as a co-lead arranger on a $93.3 million financing package for a portfolio of six battery energy-storage systems in Texas.
Three of the six projects are currently operational and are slated for completion by the end of the year.
The 230-megawatt portfolio of battery energy-storage systems (BESS) are owned by Key Capture Energy, a developer, owner and operator of BESS projects in the United States, and a portfolio company of sustainable–real asset firm Vision Ridge Partners.
“Battery storage is an increasingly important contributor to the growth of clean energy across the U.S.,” said Mike Lorusso, managing director and group head of CIT’s power and energy business. “We are pleased to work closely with Key Capture Energy to help meet their financing objectives.”
Key Capture Energy has a development pipeline of more than 2.5 gigawatts in New York, Texas and New England.