Citi Community Capital, a division of Citi, and Helio Micro Utility announces the creation of the Green Energy Community Investment Fund to initially finance up to four megawatts of solar electricity production this year.
Through this new initiative, solar power systems will be installed on qualifying commercial and public sector facilities throughout the US, with an emphasis on underserved communities. Helio mU, headquartered in Berkeley, CA, provides solar electricity to commercial, residential and not-for-profit customers with little or no initial capital outlay through long term Power Purchase Agreements (PPAs).
The first of its kind in the clean energy sector, the Green Energy Community Investment Fund puts a special focus on commercial, non-profit and public entities in low and moderate income areas. The Fund will follow the same model as the established Helio Green Energy Plan, enabling qualifying entities to buy the power generated from a solar installation rather than the panels themselves, thus providing upfront savings and smoothing the path to solar adoption.
“Energy is a major concern in the everyday operation of businesses and organizations across America,” says Andrew Ditton, managing director of Citi Community Capital. “This Fund is an excellent opportunity for us to expand the mission of our community development efforts to bring affordable green energy solutions to facilities primarily in low and moderate income areas. It also supports Citi’s 2007 announcement of $50 billion in investment and financing over 10 years to address global climate change. We are pleased to work with the Helio Micro Utility team on this vital environmental and economic initiative.”
“We created Helio Micro Utility in order to introduce innovative renewable energy finance and supply chain offerings to accelerate the adoption of renewable energy solutions,” says Ian Rogoff, Helio Micro Utility chairman. “With the Green Energy Community Investment Fund, we have partnered with Citi to combine their environmental and community goals, and global financial strength, with our first-of-their-kind financial products for dramatically accelerated solar power adoption among traditionally under-served markets.”