On August 15th, 2011, Sungevity Inc. (Oakland, California, U.S.) and Citigroup Inc. (Citi, New York, New York, U.S.) introduced a new renewable energy tax equity fund to support over USD 50 million in new residential solar lease projects.

Three days prior, on August 12th, 2011, Sungevity announced that it will expand its headquarters in Oakland, California to 6,300 square meters, including occupying a second office space.

"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 Sungevity Chief Financial Officer Mac Irvin.

"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."

Announcement follows expansion of Sungevity territory

Since 2010, Sungevity has raised more than USD 120 million in funds to support residential solar projects.

On July 26th, 2011, the company announced that it has expanded its residential solar leasing program to New York, New Jersey, Maryland, Massachusetts and Delaware. Sungevity now offers solar lease programs in eight U.S. states.

Sungevity is also not the first company that Citi has partnered with to create a fund for residential solar leasing projects. On July 28th, 2011, Citi announced a new fund to support roughly USD 105 million in residential solar lease projects with SunPower Corporation (San Jose, California, U.S.).

2011-08-17 | Courtesy: Sungevity Inc.; photo: Businesswire | solarserver.com © Heindl Server GmbH

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