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.’