Global banking corporation Citi has signed an agreement to use power generated by the 163MW Midway wind project for its offices in San Patricio County, Texas.
Sammons Renewable Energy is developing the wind farm, which is expected to achieve commercial operations in the first half of 2019.
Citi is acquiring 64% of the renewable energy credits generated by the project.
Citi enterprise infrastructure head Jagdish Rao said: “This unique partnership and transaction is reflective of our commitment to help accelerate the global transition to a low-carbon economy.”
Citi announced its 100% renewable energy commitment in 2017.
The deal with Sammons Renewable helps secure 100% of Citi’s renewable energy delivery in North America beginning in 2020.
The transaction also helps the bank meet the requirements of RE100, a global initiative of more than 100 businesses with renewable energy goals.
Citi Energy managing director Roxana Popovici said: “As corporate procurement of renewable energy is becoming ever more popular, these types of transactions will become integral in helping scale the market.”
Last year, Citi provided a comprehensive financing package for the development, construction, and operation of the Midway wind project, which also included an 11-year physical power hedge, agency and trust services, and an unlevered tax equity partnership investment.