CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services, today announced that CIT Energy Finance served as lead arranger in a senior secured credit facility of up to $120 million for Sunlight Financial LLC, a provider of financing for the residential solar market. Sunlight Financial is backed by private equity firms Tiger Infrastructure Partners and Hudson Clean Energy Partners. The facility will be used to partially fund loans to consumers purchasing residential solar panel systems. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to partner with CIT on this financing, as it will allow us to offer longer term solar loans to homeowners across the United States,” said Matt Potere, CEO of Sunlight Financial. “Sunlight Financial is well positioned to capitalize on the thriving residential solar market, which is projected to continue its growth and maturation over the coming years.”
Mike Lorusso, Group Head of CIT Energy Finance, said, “This is an exciting transaction that further demonstrates our commitment to supporting the renewable energy sector. Our deep industry expertise enabled us to design a creative financing solution for Sunlight Financial. We look forward to building on this relationship and continuing our leadership in the solar sector.”
