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Wednesday, January 8, 2014

U.S. Midwest utility Integrys creating residential solar fund, (NYSE: TEG)

Midwest utility company Integrys Energy Group Inc said on Wednesday it was partnering with startup Clean Power Finance Inc to create a fund for residential solar projects. The Chicago company did not disclose the value of its fund, which gives it a foothold in the fast-growing residential solar market. Integrys' nonregulated division, Integrys Energy Services, has invested between $40 million and $50 million a year in solar projects for businesses since 2008.Clean Power Finance, which is based in San Francisco, provides software that links solar panel installers to project financiers like Integrys. According to Integrys Energy Services President Dan Verbanac, CPF's platform "provided us an efficient way to enter this market."The fund will be available to CPF partners in key solar states including California, Hawaii, New Jersey, New York, Maryland and Massachusetts.This is the second time a utility company has created a project finance fund with CPF, according to the company. The first has preferred to remain anonymous, however.

Integrys Energy Group, Inc. is a diversified energy holding company. Shares of TEG traded higher by 0.94% or $0.5/share to $53.75. In the past year, the shares have traded as low as $52.55 and as high as $63.58. On average, 379760 shares of TEG exchange hands on a given day and today's volume is recorded at 299840.