Innergex has also secured 7-year term loan facility for the solar project which would be located in Brown County, Ohio


CIT Group leads $217m financing to construct Hillcrest solar project in US. (Credit: PublicDomainPictures from Pixabay.)

CIT Group’s Power and Energy business has served as lead arranger for a $217m financing to support the construction of 200MW Hillcrest solar photovoltaic project in Ohio.

The financing for the solar project was arranged on behalf of a Canadian independent renewable power producer, Innergex Renewable Energy.

Innergex has announced the closing of a construction financing, tax equity commitment, as well as a 7-year term loan facility for the solar photovoltaic project which would be located in Brown County, Ohio.

Total construction cost of the Hillcrest project is estimated to be $279.5m

Innergex president and CEO Michel Letellier said: “Securing Hillcrest’s financing is an important step forward, and we are very pleased with the terms of the agreement we have reached.

“This agreement confirms Innergex’s strong ability to raise significant funds even during the harshest economic environment seen in decades.

“The construction of Hillcrest began earlier this year and is progressing well. We have contingency plans and measures in place to address any problems that may arise due to the current pandemic, and unless a decree is issued to halt construction, Hillcrest should come online by the end of the year.”

The firm said that the total construction cost of the project is estimated to be $279.5m, of which will be partly financed through $82m construction term loan.

Innergex is a Canada-based independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms and solar farms.

Currently, its portfolio includes 68 operating renewable energy facilities with an aggregate net installed capacity of 2,588MW.

In November last year, Innergex signed a long-term power purchase agreement (PPA) with a US-based corporate organisation to sell the energy generated from its Hillcrest solar project.