Around almost the sum of $200 million was arranged for the funding of the 76MW community-based solar projects portfolio, across four United States by the Power as well as Energy unit of CIT Group.
CIT financing was negotiated on behalf of the Clearway Energy Corporation, one of the leading clean energy generation plant owners as well as the leading operators in the US. A total of 21 projects in Illinois, Massachusetts, Minnesota as well as New York consist of the 76MW community-solar pipeline.
Steve Ryder, chief financial officer at Clearway Energy Group, told in his statement: “Community solar projects are key contributors to the growth of clean energy generation in the US. We appreciated expertise in financing of CIT, this important milestone in our community solar business.”
Mike Lorusso, managing director as well as group head for Power and Energy business of CIT, added to the statement: “Empowering customers with the financing needed to reach their goals is core to CIT. This is the latest of several financings we have helped arrange for Clearway Energy Group as well as we are excited to work with them again to help advance the steady progress of solar power generation.”
Over the last year, Clearway was involved. The firm finished construction and also put three solar-powered grid projects on track on O’ahu Island in Hawaii back in September 2019.
These three initiatives will contribute approximately 3 percent to Ha Hawaii’s Renewable Portfolio Standards (RPS) objective of reached at 27 percent by end of 2018, which is to make a contribution to the goal of Hawaii’s attaining 100 percent renewable energy by 2045.
The 150MW North Rosamond solar project was sold by Clearway, Duke Energy Renewables in Kern County, California, in April 2019.