February 13, 2019
Citi goes green in Texas with RECs
Citi announced the purchase of renewable energy credits (RECs) from the 163 MW Midway Wind Project in San Patricio County, Texas. Citi will acquire 64% of the RECs generated by the project, which is being developed by Sammons Renewable Energy and is expected to be 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. According to a statement from Citi, 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 goals.
“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 sustainable future.”
“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 communities.
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