Investors - FEBRUARY 18, 2022

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CIT provides $71m financing package for Maryland solar portfolio

by Kali Persall

The power and energy business of CIT, a division of First Citizens Bank, has arranged $71.4 million in financing for a portfolio of solar projects in Maryland.

The borrower Arches Solar, a subsidiary of CleanCapital, owns a portfolio of distributed generation solar projects being developed in Howard County, Md.

Electricity generated by the projects is fully contracted under a master power-purchase agreement — the largest such agreement signed to date in the state of Maryland.

“We are delighted to support the municipality of Howard County, Maryland, in its efforts to supply clean solar electricity to its buildings and facilities,” said Melinda Baglio, CIO and general counsel at CleanCapital. “We appreciated CIT’s agility and expertise in serving as coordinating lead arranger for this financing.”

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