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January 3, 2013
CIT Serves As Sole Lead
Arranger In Solar Energy Financing
CIT Group
Inc., a provider of financing and advisory
services to small businesses and
middle market companies, arranges a $24
million senior secured credit
facility for a 12.3 megawatt solar
photovoltaic energy installation at
the Joint Military Base
McGuire-Dix-Lakehurst in Burlington
County. The
installation is a portfolio company
of True Green Capital Management
LLC, a leading New York-based
private investment firm specializing
in asset-based investments in
distributed renewable power.
CIT Energy served as Sole Lead
Arranger in the transaction and
financing was provided by CIT Bank,
the U.S. commercial bank subsidiary
of CIT. Terms of the transaction
were not disclosed.
“We are excited by this opportunity
to work with True Green Capital
Management on this innovative
project to supply clean solar energy
to U.S. military families,” said
Mike Lorusso, Managing Director and
Group head of CIT Energy. “We’re
pleased to utilize our industry
experience to serve an integral role
in the growing sector of alternative
energy.”
Jeffrey T. Brown, a Founder and
Partner of True Green Capital
Management, said, “True Green
Capital Management is proud to
provide domestic, renewable energy
to U.S. military families through
the McGuire-Dix-Lakehurst solar
project. Beyond its status as one of
the largest military community-based
photovoltaic power plants in the
U.S., this project is a strategic
investment for our firm that
reinforces the important role solar
energy will play in our domestic
energy mix in the coming years. True
Green Capital Management’s ability
to finance the project was enhanced
by the collaboration of all
committed stakeholders. The support
and cooperation of our lender CIT,
United Communities, the U.S. Air
Force and Trinity Solar made this
important project possible.”
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