Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
9th September 2011
BoA in syndicate to fund solar power for military dwellings
Bank of America Merrill Lynch is working with SolarCity and US Renewables Group to provide solar power through rooftop PV cells on 160,000 military houses located at 124 US bases in 33 states. 'Project SolarStrong' is described as the largest residential solar power project and is expected to create 371MW capacity and will cost over $1bn. The project will favour US Military veterans and their families for the thousands of jobs created who will be recruited, trained and employed to install, operate and maintain the PV systems.
SolarCity will install, own and operate the rooftop solar installations; USRG Renewable Finance, a subsidiary of US Renewables Group, is acting as lead lender; and BofA Merrill will provide debt financing for the project, as well as advisory and administrative services.
"We are pleased to add Project SolarStrong to our growing business of financing large-scale solar projects that generate clean, renewable energy while creating thousands of jobs in local communities across the U.S.," said Jonathan Plowe, head of new energy and infrastructure solutions at BofA Merrill. "This project has the added benefit of creating training and employment opportunities for military families and veterans who sacrifice so much for our country."