MAGE SOLAR Gets CIT Backing For Financing Deals

CIT Vendor Finance is backing MAGE SOLAR USA, and together, the two businesses will operate a financing program for the MAGE GROUP that will make more accessible the alternative energy provider’s panels for commercial users. MAGE SOLAR is based in Georgia.

PRESS RELEASE:

Dublin (Georgia), June 13, 2011.—MAGE SOLAR USA, part of the globally operating MAGE GROUP, today announced that after launching an inventory and residential financing program earlier this spring, the complete system provider is now offering another value added service, this time geared towards commercial projects.

Known for its ARRA-compliant high-performance MAGE POWERTEC PLUS modules, intelligent mounting systems, and brand name converters, MAGE SOLAR has now added another turn-key solution to its outstanding product portfolio. In partnership with CIT Vendor Finance, a global leader in small business and middle market financing, MAGE SOLAR now has a 100% financing option available tailored specifically for integrators and their commercial projects.

“With over 370 MW new installations in the United States in 2010, the non-residential PV-market grew almost 100% last year alone and was one of the biggest drivers especially in the last quarter,” explains Joe Thomas, President of MAGE SOLAR USA. “Our new financing program will help commercial end-users to preserve valuable working capital while offsetting or in some cases even eliminating their electricity bills. And we’re particularly proud to partner with such a well-respected and established company like CIT to offer this service.”

Rising energy costs and a growing number of states implementing Renewable Portfolio Standards, make the decision to switch to clean energy especially attractive for companies with high electricity bills. State and federal programs that are supporting the implementation of renewable energy technologies make change an even more business-friendly move.

“We are excited to announce the launch of this new financing program,” said Ron Arrington, President of CIT Vendor Finance. “The alternative energy market represents the future, and we see significant potential for the program. We are especially pleased to work with MAGE SOLAR, a company that is so successfully providing environmentally friendly products.”

About MAGE SOLAR USA
MAGE SOLAR – New Energy For A New World
MAGE SOLAR USA, headquartered in Dublin, GA, specializes in complete solar systems and provides high-quality photovoltaic modules, intelligent mounting systems and high-performance brand inverters. As a subsidiary of the international MAGE GROUP, it uses the Group’s 35 years of know-how to develop optimally coordinated system solutions. A competent partner network guarantees profitable solar energy systems for customers throughout North America and in thirteen further countries.
www.magesolar.com

About CIT Vendor Finance
Vendor Finance is a global leader in providing business solutions for manufacturers, distributors and product resellers and financial solutions for their customers. CIT maintains relationships and develops financing programs with leading manufacturing companies that can enable increased sales while providing equipment leasing and financing to small and middle market businesses across all industries that facilitate the purchase of equipment according to their needs.
www.cit.com/vendorfinance

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance.
www.cit.com