Cit serves as lead arranger on $419 million in financing for broad river power facility in south carolina

New york , nov. 17, 2022 /prnewswire/ -- cit, a division of first citizens bank, today announced that its power and energy business served as lead arranger on $419 million in financing for acquisition of the broad river power generation facility in gaffney, south carolina. onward energy inc. is acquiring the five-unit, 860-megawatt simple-cycle peaking power plant, which is fully contracted under a long-term power purchase tolling agreement with duke energy progress inc. the financing package included a term loan, letters of credit and a working capital facility.
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