American Wind Capital subsidiary gets $100 million credit facility

By Toni Weeks

San Luis Obispo, Calif., Sept. 17 - American Wind Capital subsidiary AWCC Holdings LLC obtained a $100 million senior secured credit facility, according a press release.

The funds will be used to acquire a portfolio of land leases and lease royalties from solar projects from Hawaii to New York.

CIT Corporate Finance served as lead arranger for the transaction. CIT Bank, the U.S. commercial bank subsidiary of CIT Group Inc., is the lender.

"CIT and AWCC have structured an innovative and first-of-its-kind financing for both our existing portfolio as well as a flexible facility that will allow us to expand our business, "American Wind Capital's chief executive officer Chuck Hinckley said in the release.

"To date, we have acquired over 8,000 acres under 540 MW of operating solar projects. Given the robust pipeline of solar projects in development across the United States, we see tremendous growth potential in this business segment."

Old Saybrook, Conn.-based American Wind Capital is a triple net leasing business focused on the power sector.

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