NEW YORK, Aug. 2, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as sole lead arranger of financing for the development of Swell Energy’s pipeline of new behind-the-meter commercial energy storage projects in California.
The borrower, a subsidiary of Swell Energy Inc., is developing over 100 behind-the-meter energy storage projects on commercial properties across California.
The projects benefit from California’s Self-Generation Incentive Program, which is designed, in part, to facilitate deployment of energy storage technology across underserved communities and sites catering to underserved populations.
“As a leader in financing battery storage, we were pleased to leverage our expertise to support these innovative behind-the-meter installations,” said Mike Lorusso, managing director and group head for CIT’s
CIT Serves as Sole Lead Arranger of Financing for Swell Energy’s Commercial Behind-The-Meter Energy Storage Projects
