SolarCity, BofA Merrill Lynch arrange USD-1bn residential solar project financing
Nov 30, 2011 - US solar system and energy efficiency firm SolarCity today said it had arranged financing with Bank of America Merrill Lynch for its USD-1-billion (EUR 751m) residential rooftop solar project for military housing communities in the US.
SolarCity will use the financing to install, own and operate 300 MW of solar power capacity in five years in partnership with privatised military housing developers under the SolarStrong project. The planned rooftop solar systems will produce total electricity to supply 120,000 military housing units a year at a lower cost than utility power, according to SolarCity.
In September, SolarCity received a conditional commitment for a partial loan guarantee for the SolarStrong project by the US Department of Energy (DOE) but failed to obtain the loan guarantee as the parties did not close the loan in time. The loan was to be extended by USRG Renewable Finance, a unit of US Renewables Group, in partnership with BofA Merrill Lynch.