NEW YORK, Feb. 24, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger for a $140 million financing for esVolta, a leading developer of utility-scale energy storage systems for renewable energy projects.
The portfolio consists of more than 136 megawatts of energy storage units supporting eight energy projects in California. esVolta has long-term revenue contracts for all of the projects and is partnering with Southern Power Company on four of them.
"Battery storage is helping revolutionize energy distribution, particularly for utility-scale renewable energy generation projects," said esVolta Vice President and Chief Financial Officer Krish Koomar. "We appreciated CIT's expertise and agility in understanding our technology and arranging this financing package."
"esVolta is recognized as an industry leader in utility-scale battery projects and we were pleased to work closely with them to meet their financing objectives," said Mike Lorusso, managing director and group head for CIT's Power and Energy unit.
CIT's Power and Energy unit is among the leading arrangers of secured financing for U.S.-based renewable energy projects, according to data compiled by Inframation, an Acuris company.
Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
About CIT CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.