Sungevity and Citigroup have created a renewable energy tax equity fund that will support over $50 million of new residential solar lease projects. The installer/integrator company said it has raised funds to support over $120 million in residential solar projects in the US since 2010.
“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, Sungevity’s CFO. “Citi is a valuable addition to our sources of project finance as we look to provide more customers with our easy, affordable solar lease option and spur the mass adoption of solar.”
“We are pleased to partner with Sungevity, a company that remains at the forefront of providing innovative and efficient ways for homeowners to maximize energy efficiency through the adoption of solar power,” said Jason Cavaliere, director in the alternative energy finance group at Citi.
Sungevity, which said it will double its headcount and hire approximately 200 new employees by the end of 2011, also recently announced that it is expanding its headquarters at Oakland, CA’s historic Jack London Square.