CIT Provides $75M in Financing to AES Distributed Energy
A syndicate of banks led by CIT Corporate Finance – Energy, of New York City announced the closing of $75 million in financing on June 25 to an affiliate of Boulder, Colorado-based AES Distributed Energy, a developer, owner, and operator of distributed energy projects.
The financing will partially fund the purchase by AES of residential solar systems nationwide, as they come on-line through 2016.
The associated equity investment for the portfolio will be made by MS Solar Investments, a wholly owned subsidiary of Morgan Stanley that is AES Distributed Energy’s partner for its MySolar joint venture.
AES Distributed Energy said it currently has more than 50 MW of distributed generation solar PV projects in operation across North America, with an additional 100 MW in development in the United States, Caribbean and Latin America.
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