True Green Capital Management LLC and CIT Group Inc. 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. 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.