MendoCoastCurrent, June 8, 2007
New York – CIT Energy, a provider of commercial and consumer finance solutions, today announced that it provided $62 million in financing to Noble Environmental Power, a U.S. based wind developer. The financing was secured in part by turbine supply agreements between Noble and GE.
This transaction is CIT Energy’s second with Noble Environmental Power and represents Noble’s first corporate-level loan. In December 2006, CIT Energy served as the Lead Arranger of a $133 million Senior Secured Wind Turbine Facility.
“This additional financing will provide Noble with the added liquidity it needs to continue development of its extensive pipeline of projects” said Brooks Klimley, President of CIT Energy. “The renewables sector is an important part of the energy mix, and we are pleased to continue our partnership with Noble. ” Peter Capitelli, Vice President of Project Finance at Noble Environmental Power said “Noble values CIT’s commitment to finding the right solutions – as provided through both transactions – in implementing our aggressive project portfolio and further solidifying our position as one of the leading wind developers in the United States.”