CIT Invests $140 Million in Energy Storage Portfolio

CIT Invests $140 Million in Energy Storage Portfolio

CIT Group Inc., a national bank focused on empowering businesses and personal savers with the financial ability to navigate their goals, says its Power and Energy business served as lead arranger for a $140 million financing for esVolta, a developer of utility-scale energy storage systems for renewable energy projects.

The portfolio consists of more than 136 MW 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,” says Krish Koomar, vice president and CFO of esVolta. “We appreciated CIT’s expertise and agility in understanding our technology and arranging this financing package.”

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.

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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, notes the company.

CIT Group Inc.’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.

Photo: An esVolta energy storage project

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