Citigroup Inc. (C), the third-biggest U.S. bank, has created a tax-equity fund to finance the installation of $50 million worth of residential rooftop power systems by Sungevity Inc.
The funds add to $120 million in similar tax-equity funds Sungevity has raised since last year, the Oakland, California- based company said today in a statement.
The fund will support projects in the eight states where Sungevity operates — Arizona, California, Colorado, Delaware, Massachusetts, Maryland, New Jersey and New York. Sungevity develops rooftop solar systems that it leases to homeowners.
In July, Citigroup created a fund to build about $105 million in residential solar projects with Sungevity rival SunPower Corp. Citigroup began a 10-year initiative in 2007 to invest $50 billion in alternative energy worldwide.
