NEW
YORK, Oct. 29, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Energy Finance business
is introducing a new tax equity investment product to help finance
renewable energy projects.
Tax equity products enable qualified investors to reap the
benefits of various tax incentives aimed at promoting the
development of renewable energy. As an industry leader in renewable
energy financing, First Citizens Energy Finance is well positioned
to expand its product capabilities, which will now include tax
equity investments.
"This new tax equity investment product allows us to further
leverage our expertise in renewable energy finance," said
Mike Lorusso, head of Energy
Finance. "By expanding our product base to include tax equity
investments, we are now even better able to serve our relationship
clients with innovative options."
The new product helps address a market shortage of expertise
needed to structure and deliver tax equity investments to clients
that can benefit from the investment, thereby increasing the
financing available to drive renewable energy project development.
First Citizens Energy Finance intends to focus its tax equity
investment product primarily in support of financing solar, wind
and battery energy storage projects.
By adding the new tax equity investment product, First Citizens
Energy Finance joins a relatively small number of experienced
lenders offering either senior debt or tax equity investments to
further the growth of renewable energy.
First Citizens Energy Finance leverages its deep industry
knowledge and expertise to offer comprehensive financing solutions
for renewable and conventional power generation. The unit manages a
large, diverse portfolio that includes investments in all asset
classes across the energy sector.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets and
a member of the Fortune 500™. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank