CIT, a division of First Citizens Bank, announced that its Power and Energy business served as coordinating lead arranger on $714 million in financing for a portfolio of thermal generation assets in California.
 
The proceeds were used to refinance a 1.8-gigawatt portfolio owned by subsidiaries of the Avenue Capital Group and managed by Middle River Power. Assets within the portfolio consist of eight gas-fired peaking plants and two gas-fired combined cycle power plants located near metropolitan centers across California.

Middle River Power is a private equity-sponsored asset management platform focused on U.S. power generation assets. Their assets under management or in development include over 3,000 megawatts of natural gas, coal, geothermal and solar power generation facilities in California, Maryland, Virginia and West Virginia.

"Middle River Power's robust and reliable energy infrastructure is a critical component of economic security and growth across California," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We were pleased to collaborate with them to support their financing needs on this portfolio."

Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.