A California-based solar company announced Tuesday that it has lined up enough private financing to begin what it says will be the largest residential solar photovoltaic project in U.S. history -- powering as many as 120,000 military housing units.
SolarCity sought a loan guarantee last year from the U.S. Department of Energy to finance part of its five-year, $1 billion-plus plan to install, own and operate rooftop solar panels for privatized U.S. military housing communities nationwide. DOE offered a conditional commitment Sept. 7 but couldn't finalize the loan before its 1705 program expired Sept. 30. The DOE program has been scrutinized after lending a half-billion dollars to now bankrupt solar manufacturer Solyndra.
SolarCity, based in San Mateo, Calif., didn't give up. It continued to work with the Bank of America, Merrill Lynch to attract private investors for its SolarStrong project, receiving advice from equity firm US Renewables Group.
Jim Young
President
Solar Capital Group, LLC
512-565-7509
Follow Us: facebook.com/solarcapitalgroup
News & Blog: http://solarcapitalgroup.blogspot.com
