CIT Group Inc. announced its Power and Energy business served as coordinating lead arranger on a $256 million financing for the 250-megawatt (MW) Taygete I Energy Project owned by 7X Energy, Inc (7X) and located in Pecos County, TX.

7X Energy is a utility-scale solar developer, owner and asset manager that has originated 1,350 (MWac) of solar projects that are operational or under construction in Texas alone and has a pipeline of over 4,000 MW across the United States.

Construction has been completed by Swinerton Renewable Energy with full energization to be complete in early 2021. A portion of the energy generated from the Taygete I solar project will be sold through a long-term hedge agreement to J. Aron & Company LLC., a subsidiary of Goldman Sachs. The other power purchaser is an S&P A- Rated entity. As coordinating lead arranger, CIT brought in five other lenders into the transaction.

“Texas is a robust market for renewable energy, and we are pleased to add Taygete I to the state’s solar generation capacity,” said Clay Butler, CEO of 7X Energy. “CIT has established themselves as a Texas solar financing thought-leader and their involvement with the project was critical in achieving this major milestone.

“7X Energy is one of the nation’s leaders in solar power development,” said Mike Lorusso, Managing Director and Group Head for CIT's Power and Energy business. “We are pleased to support their continuing efforts by arranging the financing for Taygete I and look forward to working with them again in the future.”

CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm Inframation, an Acruis company. Earlier this year, CIT also was recognized as Renewable Energy Lead Arranger of the Year by Power Finance & Risk, a top energy industry trade publication.