SolarStrong is projected to create over USD$1 billion in solar projects, which will be implemented over a five year period.
In total, photovoltaics will be installed on up to 160,000 military residences and 124 U.S. military bases, including community centers, administrative offices, maintenance buildings and storage warehouses. It has been said that "thousands" of workers will be hired, many of which are expected to be U.S. veterans and military family members.
The project will be financed by the private sector via both debt and equity. In addition to the U.S. Department of Energys Loan Programs Office offering a conditional commitment for partial guarantee of a USD$344 million loan, Bank of America Merrill Lynch has said it will provide debt financing, and advisory and administrative services.
Meanwhile, USRG Renewable Finance is acting as lead lender, and SolarCity will install, operate and own all of the photovoltaic systems.
The first stage of the SolarStrong project is said to be underway at Honolulus Hickam Air Force Base in Hawaii. When completed, the photovoltaic systems are expected to provide enough energy to power over 2,000 military family homes.
Additional installations are then expected to follow on military sites in states including Nevada, Kentucky, California and Texas.
"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.," commented Jonathan Plowe, head of new energy and infrastructure solutions at Bank of America Merrill Lynch.