CIT provides $36m financing for Gestamp Wind’s 26MW farm

CIT Group is to provide $36m financing in a senior secured credit facility to Punta Lima, owner of the 26MW Punta Lima Wind Farm, Puerto Rico. Financing of the deal was structures through a sale and leaseback of the facility between Punta Lima’s owner Sovereign Bank and Gestamp Wind. CIT’s Corporate Finance arm served as Sole Lead Arranger for the transaction, and financing was provided by CIT Bank. Terms of the transaction were not disclosed. ‘Wind power facilities are an increasingly important part of the alternative energy mix, a sector CIT Energy has extensive experience in,’ said Mike Lorusso, group head of CIT Energy. ‘This transaction provides CIT an opportunity to partner with an established renewable developer and we look to growing our relationship with Gestamp.’