Trent River Solar project : CIT Group helps Pine Gate with $126m financing

Pine Gate Renewables has secured $126 million financing for the 108MW direct current Trent River Solar project in North Carolina.

The lead arranger of the financing is New York-based bank holding company CIT Group through its power and energy division.

To be built in Pollocksville, the Trent River Solar project, under a 20-year power purchase agreement, will sell the electricity it generates to Duke Energy Progress.

CIT Group said that in leading the financing for the solar power plant in North Carolina will extend its track record as one of the leading renewable energy lenders in the US, as per market research firm Inframation, an Acuris company.

Mike Lorusso – managing director and group head for CIT power and energy business said: “We are proud to expand our growing relationship with Pine Gate Renewables by arranging this financing.

“Pine Gate is a recognized leader in the field of utility-scale solar and we look forward to continuing to support their project financings in the future.”

CIT Group helps Pine Gate secure $126m financing for the Trent River Solar project. Photo courtesy of jaidee from Pixabay.

Based in North Carolina, Pine Gate Renewables has more than 400MW of operational renewable energy projects and has an additional 4GW of projects in various stages of development across the US.

Ben Catt – CEO of Pine Gate Renewables said: “We’re excited about this new project that was developed with Silver Pine Energy Holdings in our home state of North Carolina as it continues our mission to grow renewable energy nationwide.

“After the successful launch of our largest solar partnership last year in South Carolina with Bowman Solar LLC, we are pleased to again leverage the agility and expertise of CIT in arranging the financing to help the Trent River project move forward. Ultimately, this means more clean energy for the planet and more jobs for the local community.”