Of Special Interest
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."