CIT Group’s Energy Group Serves as Lead Arranger on $210M in Solar Project Financing

CIT Group Inc.’s power and energy business served as coordinating lead arranger on nearly $210 million in financing for a solar project in Brazoria County, TX. Located in the Greater Houston power market, the Brazoria West Solar project is a utility-scale solar project with 260 megawatts of direct current generation capacity.

Construction is underway, with commercial operation planned for 2022. Immediately upon closing, the project was sold to and the debt assumed by S&B US Energy Inc., subsidiary of Shikun & Binui Ltd., an Israeli infrastructure and real estate company. S&B US Energy will take over the development from closing through commercial operations.

“Reaching financial close with our financing partners on this valuable asset is a key milestone of our continuing growth in the U.S.,” said Jeremie Debomy, executive vice president of mergers and acquisitions for S&B US Energy Inc.

The project was developed by Savion, an affiliate of Macquarie’s Green Investment Group, a developer and owner of renewable projects with a pipeline exceeding 20 gigawatts globally.

“Brazoria West Solar Project is an exciting opportunity to help support the growing demand for solar power in the Houston area while also contributing to the region’s economic development,” said Nick Lincon, Savion president.