Transaction Underscores Citi’s Innovative Environmental Finance
Solutions and Sustainable Progress Strategy
NEW YORK–(BUSINESS WIRE)–Citi (NYSE:C) has entered into a new agreement to supply clean,
renewable energy for a multi-year term to its operations in Texas. The
power adds to Citi’s existing renewable supply, contributing to the
bank’s goal to supply 100% renewable energy to power Citi’s facilities
globally by 2020.
The power and renewable energy credits will come from the 163 MW Midway
Wind Project located in San Patricio County, TX. Citi is acquiring 64
percent of the renewable energy credits generated by the project.
Sammons Renewable Energy is developing the Midway Wind Project, which is
expected to achieve commercial operations in the first half of 2019.
Citi’s 100% renewable energy commitment was announced in 2017 and
supports the bank’s Sustainable Progress Strategy, which outlines
specific goals for environmental finance, environmental and social risk
management and operations and supply chain. This renewable energy
transaction helps secure 100% of Citi’s renewable energy delivery in
North America beginning in 2020 and meets the requirements of RE100, a
global initiative of more than 100 businesses that have renewable energy
“This unique partnership and transaction is reflective of our commitment
to help accelerate the global transition to a low-carbon economy,” said
Jagdish Rao, Head of Citi Enterprise Infrastructure. “These type of
investments are good for the environment and pave the way for a
“As corporate procurement of renewable energy is becoming ever more
popular, these types of transactions will become integral in helping
scale the market,” said Roxana Popovici, a Managing Director responsible
for renewable power transactions at Citi Energy Inc. “This unique
collaboration underscores Citi’s ability to provide a continuum of
sustainable and scalable solutions and we will continue to explore new
structures and innovative approaches as the market evolves.”
Last year, Citi provided a comprehensive financing package for the
development, construction, and operation of the Midway Wind project,
which also included an 11-year physical power hedge, agency & trust
services, and an unlevered tax equity partnership investment.
This activity contributes to Citi’s $100 Billion Environmental Finance
Goal, a commitment to finance and facilitate a total of $100 billion
over 10 years toward activities that reduce the impacts of climate
change and create environmental solutions that benefit people and
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at http://www.citigroup.com
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