News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/citi-creates-40m-residential-solar-fund-with-us-partner.html

Global financial services company Citi has partnered with a US solar company to create a $40m residential solar fund.

This is the first collaboration between SolarCity and Citi, and is the latter’s inaugural investment into residential solar power.
The fund will pool finances that will be used to provide solar lease options for homeowners to install solar panels.
SolarCity, which has completed more than 10,000 solar project installations in the US, said it will use the fund to provide leases under its SolarLease scheme.
The company has raised project financing to fund more than $700m in solar installations, and its leasing scheme has been used for 7,000 projects.
SolarCity has expanded its operative reach to the state of Maryland and District of Columbia already this year, and said it plans to expand its solar leasing to a range of further states this year.
Citi said it has directed more than $24.3bn in funds out of a $50bn scheme it initiated to support the commercialisation and growth of clean technology in global markets.
‘Citi has a long and deep history of leadership and engagement on environmental issues. It is good business practice for us to help consumers adopt renewable energy and to facilitate affordable energy-efficiency solutions,’ said Citi’s alternative energy finance group director Jason Cavaliere.
SolarCity project finance vice president Benjamin Cook said, ‘We expect the partnership with Citi to be the first phase of a relationship that will significantly increase residential solar adoption in the US.’
SolarCity provides tailored solar power system design, installation and services for a monthly payment under its solar leasing scheme.