NEW YORK, Jan. 7, 2013 /PRNewswire/ -- True Green Capital Management LLC and CIT Group Inc. (NYSE: CIT) today announced the December closing of $35 million of financing and commencement of construction for a 12.3 megawatt solar photovoltaic energy installation at Joint Military Base McGuire-Dix-Lakehurst in Burlington County, New Jersey. The installation is a portfolio company of True Green Capital Management, a New York-based private investment firm specializing in asset-based investments in distributed renewable power. In addition to equity contributed by True Green Capital Management, CIT Energy served as Sole Lead Arranger in a $24 million senior secured credit facility provided by CIT Bank, the U.S. commercial bank subsidiary of CIT Group Inc. Terms of the transaction were not disclosed.
As use of proceeds for the equity and debt financing, True Green Capital Management and CIT partnered with the U.S. Air Force, solar installer Trinity Solar and host United Communities LLC, the privatized military housing community at Joint Base McGuire-Dix-Lakehurst, to create one of the largest military community-based solar installations in the country.
The U.S. Air Force granted its support and consent for the solar power plant to provide electricity at a reduced rate for a period of 20 years to the privatized military family housing community at Joint Base McGuire-Dix-Lakehurst, the U.S. military's only tri-service installation, consisting of McGuire Air Force Base, Fort Dix and neighboring Naval Air Station Lakehurst.
With 12.3 megawatts of rooftop power generation, the solar plant will establish Joint Base McGuire-Dix-Lakehurst as one of the largest solar-powered military communities in the nation. As the largest energy consumer in the U.S., the Department of Defense itself has a goal beyond privatized military housing to obtain 25 percent of its energy requirements from independent renewable energy sources by 2025.