Citi Recognized by U.S. Department of Energy for Surpassing Goal of $500 Million in Financing for Energy Efficiency and Distributed Generation, Increases Financing Target to $2.25 Billion
New target over the next three years as part of the U.S. Department of Energy’s Better Buildings Challenge; includes $570 million in financing arranged to date as a Better Buildings Challenge Financial Ally, one of just four institutions to surpass target
New York, May 9, 2014 /3BL Media/ – Citi today announced it was recognized by the U.S. Department of Energy for its commitment to help Better Buildings Challenge partners, including schools, hospitals, factories and public buildings, to complete energy efficiency and distributed generation upgrades under the Better Buildings Challenge. Citi surpassed its goal of $500 million, arranging $570 million in financing for energy efficiency and distributed generation since 2011. One of just four Better Buildings Challenge Financial Allies to exceed their goal, Citi also announced it has increased its incremental financing target for energy efficiency and distributed generation in the U.S. to $2.25 billion over the next three years. The announcement was made at a National Summit in Washington, D.C., along with the release of second year accomplishments for the program.
“At Citi, we’ve established a strategy that integrates the capabilities of multiple business units to provide our clients with a range of solutions that allow them to tap into the capital markets to fund energy efficiency upgrades and add distributed generation capacity,” said Marshal Salant, Global Head of Alternative Energy Finance at Citi. “We’re proud to have surpassed our initial financing target under the Better Buildings Challenge and look forward to continuing to work with our clients and partners to solve our nation’s energy and climate related challenges.”
Citi’s specific contributions in the past year include a $100 million warehouse facility to Kilowatt Financial LLC, a Minneapolis-based provider of solar-power leases, to finance energy-efficiency projects, up to $30,000 each for U.S. homeowners, and a similar type of facility to Renewable Funding for the Warehouse for Energy Efficiency Loans (WHEEL). Citi also worked with The New York State Energy Research and Development Authority (NYSERDA) to provide $24.3 million in its first-ever issuance of revenue bonds to finance loans for consumers across the State of New York for residential energy efficiency improvements.
“By helping create new markets for financial products, Better Buildings Challenge financial allies are helping move our country toward a cleaner energy economy,” said Dr. David Danielson, Assistant Secretary for Energy Efficiency and Renewable at the U.S. Department of Energy. “Through their commitment to sustainability and efficiency, these institutions are demonstrating how American businesses and organizations can help reduce our nation’s energy bill, create American jobs, and protect our environment.”
Citi’s efforts build on a longstanding commitment to address climate change and environmental sustainability. Last month Citi announced it had surpassed, three years early, a 10-year goal to direct $50 billion towards activities that mitigate climate change, including financing for renewable energy and energy efficiency and investments in the greening of Citi’s operations. Citi also met its operational environmental performance goals for greenhouse gas emissions and waste two years early, reducing emissions by 25 percent and waste to landfill by 41 percent since 2005.
Launched by President Obama in 2011, the Better Buildings Challenge program aims to improve the efficiency of American commercial, institutional, and multifamily buildings and industrial plants by 20 percent or more by 2021. The Challenge supports President Obama’s broader goal of doubling American energy productivity by 2030 while motivating corporate and public sector partners across the country to save energy through commitments and investments. At the National Summit, the Energy Department announced that in 2013, Better Buildings Challenge Financial Allies have employed a wide range of innovative financial products, with the re-investment of equity, distributed generation contracts, and tax exempt leases being the products through which the most funding has been placed.
For more information on Citi’s environmental sustainability initiatives, visit: citizenship.citigroup.com
For a detailed progress report on the Better Buildings Challenge and to find out more about the Challenge participants and their energy efficiency projects, visit: www.energy.gov/betterbuildingschallenge.
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Media Contact:
Tyler Daluz, Citi Corporate Communications, 212-793-5234
About Citi
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.
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