Sungevity recently expanded to the East Coast of the U.S. with its "Rooftop Revolution" marketing campaign and has announced a partnership with Lowe, the worlds second largest home improvement retailer. Since 2010, Sunergy has raised $120 million in finance for residential solar projects.
"Citi's new tax equity fund will support our rapid growth and momentum, including our recent expansion to the East Coast and our significant partnership with Lowe's," said Mac Irvin, Chief Financial Officer (CFO) of Sungevity.
Sungevity, which is based in northern California, has reported that 50 percent of its online solar lease requests now come from the Northeastern states, since the company moved into these territories in July. Sungevity has been promoting its expansion into these states by touring in a bio-diesel-powered truck equipped with solar panels. It has been visiting public events like music festivals, county fairs, farmers markets and baseball games.
"Citi is committed to promoting energy efficiency and environmental sustainability both at our own firm and in support of our clients," said Marshal Salant, head of Citi's Alternative Energy Finance Group.
Citis SunPower fund
This most recent announcement comes as activity in solar lease sector in the U.S. heats up. Earlier this month, Citi announced that it would contribute US$80 million towards a US$105 million fund with SunPower. The fund was created to extend SunPowers 20 year lease scheme which is available in eight U.S. states.
In June Google announced $280 million fund to finance SolarCitys lease scheme. Another major solar lease providers in the U.S., SunRun, recently announced its interstate expansion program.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
Jonathan Gifford
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.