Foreseeing funding challenges for companies who look to renew aging energy infrastructure, GCP in partnership with Citi will allow requisite capital using their revolving capital fund of $50m.
GCP and Citi currently look to extend this funding to public sector institutions which include universities, healthcare organizations and state and local governments.
Citi Managing Director and Head of Municipal Securities Division Ward Marsh said that replacing outdated energy infrastructure with new equipment though effective in cost control and reduction in greenhouse gas emissions, is challenging to finance.
"This lending relationship with GCP demonstrates our ongoing commitment to energy efficiency and renewable energy projects in the public sector," Marsh adds.
GCP and Citi are vying to expand their lending capabilities in the energy finance space through this partnership.
