EDISON, N.J., June 18, 2012 /PRNewswire/ -- Green Campus Partners ("GCP") announced today the closing of a $50 million warehouse funding facility with Citi that will give GCP dedicated capital access to fund energy efficiency and renewable energy projects. This collaboration between GCP and Citi will enable the implementation of potentially hundreds of millions of dollars in energy conservation and renewable power generation measures.
Many organizations operate with outdated energy infrastructure that is significantly less efficient and less cost-effective than systems which are now available through more advanced technologies. As these organizations explore alternatives for renewing their aging facilities, they often identify multiple areas of waste and inefficiency that could benefit from the implementation of energy efficiency measures, including the possible use of renewable energy. While these measures typically generate sufficient energy and operational savings to recoup the required upfront capital investment and provide attractive returns over time, such projects are often blocked by a lack of access to funding.
To help overcome these challenges, GCP and Citi have partnered to create a $50 million revolving line of credit that will be utilized to provide upfront capital for energy efficiency and renewable energy projects in the public sector. By providing streamlined access to upfront capital, both GCP and Citi expect to expand their respective capabilities as leading energy finance providers for universities, healthcare organizations and state and local governments. Innovative financing mechanisms such as the facility launched today will help unlock investments in energy efficiency and clean energy projects and will facilitate reductions of energy consumption and carbon footprints.
Ward Marsh, Managing Director and Head of Citi's Municipal Securities Division, said "Replacing outdated energy and infrastructure assets with more efficient equipment is an effective way to control costs and reduce greenhouse gas emissions, but financing for these projects can be a real challenge. This lending relationship with GCP demonstrates our ongoing commitment to energy efficiency and renewable energy projects in the public sector."
Bob Anderson, CEO of GCP, said "Energy costs represent a significant portion of any organization's operating expenses. Reducing these costs and becoming more efficient are critical objectives for the success of any organization. Improving the environment along the way is an added benefit. GCP is focused on helping its clients convert energy efficiency ideas into solutions and our collaboration with Citi will allow us to better serve our clients and the environment."
About Green Campus Partners
Green Campus Partners, LLC ("GCP") is an energy project development firm with expertise in strategic planning, project management, performance contract financing, federal ESPC financing, project finance and asset & portfolio management. GCP works with its clients to achieve their energy and facility infrastructure objectives and improve enterprise value by implementing or optimizing energy efficiency, renewable energy and distributed generation projects. GCP provides unique project finance capabilities, including transaction structuring, primary capital investment and energy capital markets expertise. GCP provides turnkey project management and finance solutions which, combined with the technical and operational expertise of its strategic development partners, enables it to deliver total solutions for the energy and infrastructure needs of its clients. GCP is a portfolio company of Hudson Clean Energy Partners, one of the largest clean-tech investors in the United States. For more information about GCP, visit www.greencampuspartners.com.
About Hudson Clean Energy Partners
Hudson Clean Energy Partners ("Hudson") is a private equity firm that invests in the dynamic and fast-growing clean energy market. Hudson invests in companies focused on renewable energy, alternative fuels, and energy efficiency and services. Hudson's investment strategy focuses on high-growth, asset-based, capital-intensive segments of the clean energy value chain using commercialized technologies to extract energy from wind, solar, geothermal, biomass and other renewable sources. For more information about Hudson, visit www.hudsoncep.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Citi for Cities
Citi for Cities is an initiative that harnesses the best of Citi across the globe to enable cities to become more efficient by providing financing that facilitates commerce and modernization, and by empowering citizens to access services that enhance livability and prosperity. Citi aims to help cities achieve their ambitions across the key ecosystems that power a city including administration, roads and transit, ports of entry, energy and utilities, workplace and education, health and safety and regeneration and development. Citi's span of engagement with cities includes the public and private sectors, the financial sector, and citizens and the communities in which they live. For more information, please visit www.citiforcities.com.
Recognizing the rapid growth of the city as an economic driver, Citi commissioned The Economist's business research branch, the Economist Intelligence Unit, to research and compile a comprehensive report and index of 120 of the world's most competitive cities. For more information on the report, visit: http://citigroup.com/citi/citiforcities/urban_exchange/eiu.htm
Green Campus Partners
SOURCE Green Campus Partners, LLC