Onyx Renewable gets $79 million financing from CIT for solar projects

By Sarah Lizee

Olympia, Wash., May 7 – Onyx Renewable Partners LP obtained about $79 million in financing from CIT Group Inc.’s commercial finance division's energy finance unit as lead arranger and administrative agent, according to a press release.

The financing will support a portfolio of more than 80 megawatts of distributed generation solar power projects to be placed into service in 2018 and 2019.

Terms were not disclosed in the release.

The financing will support projects across six states, with about half the portfolio in California and Arizona and the other half in the Northeastern states of New York, New Jersey, Massachusetts and Connecticut.

The new financing follows a $53 million financing arranged by CIT for Onyx in late 2017 that supported a 58 megawatt operating portfolio of distributed generation solar projects across 10 states.

Taken together, the two CIT-supported financings amounted more than $132 million and involved 138 megawatts of renewable solar power, the release said.

Onyx, based in New York, provides services for the development, finance, construction and operation of large-scale renewable energy projects.

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