Apr 28, 2023

Onyx Renewables Closes $25MM Back-Leverage Facility with First Citizens Bank

New York, NY - Onyx Renewable Partners, an established provider and owner of clean energy solutions nationwide for commercial and industrial businesses, is pleased to announce the closing of a $25MM back-leverage facility with CIT, a division of First Citizens Bank, as the sole lender.

This achievement highlights Onyx’s ability to navigate challenging market conditions and leverage the team’s expertise in clean energy finance. “We recognize the importance of maintaining financial discipline and having a strong balance sheet to support our future growth. We are excited to complete this transaction with CIT,” said Mary Beth Mandanas, CEO of Onyx Renewables.

“Through more capital deployment at Onyx, we can design, build, own and maintain the on-site distributed renewable energy solutions enabling our customers to focus on their businesses’ core competencies. We believe this business model helps us all accelerate toward a more sustainable future,” Mandanas stated. She also expressed her gratitude to the team at Onyx for their dedication and hard work in achieving this milestone.

“Onyx Renewable Partners is a leader in clean energy solutions, and we were pleased to work with them again to arrange this financing,” said Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy business.

The close of this facility marks another major financing milestone between Onyx and CIT, which have worked together as financing partners since 2018 in various capacities, from traditional banking to back-leverage financing.

The team at Onyx Renewable Partners continues to lead the way in providing clean energy solutions, helping businesses reduce their carbon emissions and meet their goals for energy resilience.

About Onyx Renewables

Onyx is helping companies create the bridge from today’s clean energy reality to tomorrow’s possibilities.Onyx’s nimble approach to clean energy ensures expert guidance at every step for our commercial and industrial customers. From solar energy and storage to electric vehicle charging and beyond, Onyx partners with our clients from the beginning, establishing a long-term relationship for the life of the asset. We design, develop, finance, construct, operate and maintain our projects and portfolios. When it comes to clean energy solutions, Onyx leverages wide-ranging industry expertise to transform complexities into simplicity for you.For more information, visit or connect with us on LinkedIn.