First Citizens Bank arranges $200M financing for New Fortress Energy
First Citizens Bank has announced that its Capital Equipment Finance group, part of the CIT division, served as lead arranger on a $200 million in financing for New Fortress Energy Inc.
The loan supports New Fortress Energy’s grid stabilization project in Puerto Rico, the financial institution stated.
“We’re focused on providing important support for energy availability, grid stability and cleaner power in Puerto Rico,” said Wes Edens, CEO of New Fortress Energy. “We’re pleased to work with the Capital Equipment Finance team, who provided expertise and agility in arranging financing for these generators.”
“New Fortress Energy is continuing to grow their reputation for expertise in clean, reliable and affordable energy facilities,” said Kevin Ronan, group head for the CIT Capital Equipment Finance team. “I’d like to thank both the New Fortress Energy and Capital Equipment deal teams for their diligent efforts in bringing this financing to a successful closing.”
Working directly with middle market and large-cap businesses, Capital Equipment Finance specializes in providing equipment loans and leases with flexible terms and rates tailored to the equipment and credit strength of the borrower.
New Fortress Energy has been doing business in Puerto Rico for several years, through its liquefied natural gas terminal, which supplies fuel to units 5 and 6 of the San Juan Central power complex.
In January, the commonwealth government announced that it had selected a New Fortress Energy subsidiary, Genera PR, to operate, maintain and eventually decommission the Puerto Rico Electric Power Authority’s aging power-generation assets through a 10-year agreement established via a public-private partnership.