CIT Group Inc.’s power and energy business has led a $69 million financing for a portfolio of solar facilities owned and operated by Strata Solar, an integrated solar and storage energy service provider based in North Carolina.
The 23 operating solar assets in the portfolio, a majority of which are located in North Carolina, have a combined capacity of more than 130 megawatts. Output from the solar assets is covered by purchase agreements that ensure a steady demand for the renewable power they generate.
“Solar power is an increasingly important source of clean, renewable energy,” said Jimmy Chuang, chief capital markets officer of Strata Solar. “We appreciated CIT’s expertise and agility in arranging financing for this portfolio of solar facilities.”