The effects of climate change present both enormous opportunities and challenges to our clients' businesses today. New financial solutions are needed for the energy, infrastructure and technology projects enabling progress toward a more sustainable economy. In 2015, we announced our $100 Billion Environmental Finance Goal. Our progress toward this goal continues at a robust pace. In the first two years since announcing our commitment, we recorded our highest annual volumes of sustainable finance activity, with $26.3 billion in transactions in 2016 and $47.6 billion in 2015.
FINANCED & FACILITATED
as part of our $100 Billion Environmental Finance Goal
IN GREEN BONDS
for environmentally responsible projects
like the Block Island Wind Farm Project, the first
OFFSHORE WIND FARM
in the U.S.
BRINGING OFFSHORE WIND POWER TO THE U.S.
In October 2016, Citi provided financing for the construction and operation of Deepwater Wind's Block Island Wind Farm, the first ever U.S. offshore wind farm. Citi participated in the construction loan and provided tax equity financing along with GE. Block Island is a 30-megawatt wind farm, which utilizes five GE turbines and is located three miles off the coast of Block Island, Rhode Island. Each wind turbine is 600 feet (180 meters) high and can withstand a Category 3 storm.
This is a landmark transaction in U.S. renewable power history, and representative of the continuing growth of renewable energy development. The offshore installation took two years, with more than 300 local workers helping to develop, build and commission the project, according to Deepwater Wind. An independent report by the local Block Island government indicates that the Block Island Wind Farm will lower carbon dioxide emissions by 40,000 tons each year and is expected to save Block Islanders as much as 40 percent on energy bills.
The wind farm has executed a 20-year Power Purchase Agreement with the Narragansett Electric Company and started delivering power in December 2016.