Citi to buy RECs from 163 MW wind park in Texas

Citi 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, Texas. Citi is acquiring 64% 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 percent 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 percent 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.

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.