CIT Group provides $75 million secured credit to AES
Written By: Tracy Dawson Roses
June 25, 2015
CIT Group provides $75 million secured credit to AES to finance acquisitions of residential solar
On June 25, CIT Group Inc., a provider of commercial lending and leasing services announced that it provided a $75 million senior secured credit facility to an affiliate of AES Distributed Energy, Inc., a subsidiary of The AES Corporation, to finance its acquisition of residential solar systems across the United States through its MySolarSM program.
CIT Corporate Finance, Energy served as Lead Arranger, Administrative Agent and Sole Bookrunner. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
MySolarSM is a strategic partnership formed by affiliates of AES Distributed Energy and Morgan Stanley for the purpose of financing, owning and operating residential solar systems, which provide low-cost, reliable solar energy to consumers across the country under the terms of long-term, fixed-rate solar leases.
Phil Henson, CFO of AES Distributed Energy remarked:
“We are excited to partner with CIT on this financing, allowing us to increase the amount of low-cost, reliable solar energy we are providing to residential customers across the United States.”
Mike Lorusso, Group Head of CIT Corporate Finance, Energy, explained: “As solar power continues to increase in popularity, we remain at the forefront of alternative energy financing. We are pleased to have arranged this financing for AES Distributed Energy to support their acquisition of newly constructed residential solar photovoltaic energy systems across the United States.”[/p]