NEW YORK - CIT Project Finance, a unit of CIT Group, and the independent power company Calpine Corp. have completed a $400 million leveraged lease financing transaction to provide the term financing for Phases I and II of a cogeneration project in Pasadena, Tex.

The project's senior debt was funded through a coinvestment with the $500 million Newcourt Capital Project Finance Fund involving major U.S. insurance companies, including John Hancock, Cigna, and New York Life.

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