AWCC Holdings LLC, a subsidiary of Old Saybrook’s American Wind Capital, has secured a $100 million credit facility, lender CIT Group Inc. announced.
AWCC plans to use the funds to acquire a portfolio of land leases and lease royalties from solar projects ranging from Hawaii to New York.
CIT served as the lead arranger in the transaction and financing was provided by its subsidiary CIT Bank.
Chuck Hinckley, American Wind CEO, said in a statement that the company acquires and leases the real estate on which utility-scale solar projects are sited. The arrangement provides project owners with liquidity. To date, the company has acquired more than 8,000 acres containing 540 megawatts of operating solar installations.
“Given the robust pipeline of solar projects in development across the U.S., we see tremendous growth potential in this business segment,” American Wind said.
