CIT Group and RBC Capital worked together to fund the portfolio of projects spread across six states, with half the capacity in California and Arizona and the other half in the northeast.

May 9, 2018

Onyx Renewables’ Clifton Park Project: 3,114 modules, 31inverters, 996.48 kW-DC

Image: Onyx Renewables

Capital is continuing to flow to solar power developers that can deliver large portfolios at investment grade quality – including some developers that are getting purchased for their development pipelines.

In the first quarter of 2018 7.7 GW of solar power assets change hands globally. Additionally, we’ve seen significant amounts of capital being invested in the residential solar market – with Dividend Finance getting the solar industry’s first “AA” rated bond.

As the latest, Onyx Renewables has secured funding for an 80 MW portfolio of projects spread across six states. CIT Group, via the Energy Finance unit of its Commercial Finance team, funded $79 million of the project’s total costs – while RBC Capital Markets have arranged the tax equity financing portion through three investors.

CIT and RBC have both invested in prior projects developed by Onyx. In 2017, CIT invested $53 million in a 58 MW portfolio. RBC has partnered two times prior – in 2015 and 2017.

1.5 MW Solar Array for Allen Harim in Harbeson, Delaware

The solar power projects to be completed with this financing are spread across six states, with approximately half of the portfolio in California and Arizona and the other half in the Northeastern states of New York, New Jersey, Massachusetts and Connecticut. The projects will be placed into service in 2018 and 2019.