in News Departments > Projects & Contracts
print the content item

CIT Group Inc., a provider of financing and advisory services to small businesses and middle market companies, notes that it arranged a $36 million senior secured credit facility to Punta Lima LLC, owner of the 26 MW Punta Lima Wind Farm in Puerto Rico.

The financing was structured through a sale and leaseback of the facility between Sovereign Bank N.A. (owner of Punta Lima LLC) and Gestamp Wind.

CIT Corporate Finance 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.

"This wind power facility is an exciting development for renewable energy development in Puerto Rico, which traditionally relied heavily on imported petroleum products as their dominant energy source for the island,” says Javier Mateache, CEO of Gestamp Wind. “We selected CIT because the firm is dedicated to its clients and because of their successful track record of supporting our sector."




Trachte Inc._id1770
Latest Top Stories

Wind And Solar Are Catching Up With Nuclear Power, Says Report

A new report from the Worldwatch Institute says nuclear energy's share of global power production is steadily shrinking. Meanwhile, renewables' share keeps growing.


Could New Desert Plan Spell The End Of California Wind Energy Development?

The California Wind Energy Association says it is disappointed with the draft Desert Renewable Energy Conservation Plan, which was recently released by state and federal agencies.


New U.S. House Bill Includes Wind PTC Extension

U.S. representatives have introduced the Bridge to a Clean Energy Future Act of 2014, which would extend the production tax credit (PTC) and other provisions through 2016.


Utility-Scale Wind And Solar Keep Getting Cheaper

A new study measures the levelized cost of energy from various technologies and suggests that the costs of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.

Renewable NRG_id1934
Canwea_id1984
Future Energy_id2008