CIT’s power and energy business was the sole lead arranger for financing Swell Energy’s pipeline development of new commercial behind-the-meter energy storage projects in California.
The borrower, a subsidiary of Swell Energy, is developing more than 100 behind-the-meter energy storage projects on commercial properties across California. Projects will benefit from California’s Self-Generation Incentive Program, which is designed, in part, to facilitate the deployment of energy storage technology in underserved communities and sites serving underserved populations.
“As a leader in battery storage financing, we were delighted to leverage our expertise to support these innovative behind-the-meter installations,” said Mike Lorusso, Managing Director and Group Head of Power and energy from CIT. “Swell Energy has a strong pipeline of storage projects and we look forward to working with them again in the future.”
“Swell is honored to work with CIT as part of our mandate to provide energy security and bill savings to commercial customers looking to lead the energy transition to distributed resources,” said Suleman Khan, CEO of Swell Energy. . “The ultralight commercial sector represents a significant untapped opportunity for Swell to develop energy storage projects within it. We appreciate CIT’s unique agility and expertise in arranging funding to help move these innovative projects forward.