CohnReznick Capital Advises Fifth Third Bank on Sale Leaseback for Community Solar and Distributed Generation Solar Portfolios
Fifth Third Bank, National Association, a subsidiary of Fifth Third Bancorp (NASDAQ: FITB, “Fifth Third”), an award-winning provider of green financing, has closed on construction debt and tax equity commitments for over 40 projects across six different states. The portfolios were established with three different developers, and each uses a sale leaseback structure.
CohnReznick Capital was the exclusive financial advisor to Fifth Third on the financings.
“Sale leasebacks are optimally suited for solar assets with offtake contracts of 20 years or greater,” said Manish Hebbar, Managing Director at CohnReznick Capital. “The structure offers the most tax-efficient means of financing available in the market and using a single source of capital helps solar developers reduce transaction costs and complexity. Fifth Third has demonstrated a strong commitment to the solar market, and it’s our pleasure to advise them on effectively deploying capital to meet their goals.”
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About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2020, Fifth Third had $202 billion in assets and operated 1,122 full-service banking centers and 2,414 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.