The proposed solar facilities will be located in Devens, Holyoke, Whately and Agawam, Massachusetts.
Commenting on the transaction, CIT Energy Group head Mike Lorusso said that the successful completion of this transaction will strengthen the company’s position in the project finance marketplace for renewable energy transactions, while enabling the growth in the alternative energy sector.
Citizens Energy president and chairman Joseph Kennedy II said, "Thanks to their financing expertise, we’re able to deliver greener and cleaner low-cost energy and at the same time generate revenues to help the poor."
CIT Corporate Finance acted as Sole Lead Arranger in the transaction, while CIT Bank, the US commercial bank subsidiary of CIT, provided financing.
Bostonia Partners played a financial advisory role to Citizens Energy for these projects. Terms of the transaction were not disclosed.
