CIT Group Inc., a provider of commercial lending and leasing services, announced that its Commercial Finance division's Energy Finance unit served as sole lead arranger and administrative agent for about $36 million in financing for Nordic Solar LLC, a developer and owner of solar energy facilities.

The financing supports the operation of a newly constructed portfolio of nine community solar garden projects in Minnesota comprising nearly 60 megawatts of capacity. The transaction represents CIT's first financing agreement on a community solar project.

"We were pleased to lead this transaction on behalf of Nordic Solar as renewable power projects continue to gain traction as a viable alternative to conventional power generation," said Mike Lorusso, managing director of CIT's Energy Finance business. "CIT has been very active in financing solar and wind projects, which contribute to economic development and sustainability efforts."