Idemitsu Renewables secures financing for 80 MW Pioneer Solar project in Adams County

CIT Group Inc's Power and Energy unit has served as sole lead arranger on an US$85 million financing for the 80-megawatt Pioneer Solar project near Denver, Colorado.

The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas). The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.

In connection with the financing, CIT is providing a package of cash management and capital markets services.