RE tax equity fund established for SolarStrong

At the start of last September, SolarCity announced its ambitious five-year SolarStrong plans, which are projected to cost over US$1 billion. Despite failing to secure a U.S. Department of Energy loan guarantee, the company received financial backing from Bank of America Merrill Lynch in November. "BofA Merrill never wavered when the loan guarantee wasn’t finalized and worked with us to create a financing structure that works without it," stated Lyndon Rive, SolarCity’s CEO at the time.

The first phase of the project was said to have begun in September 2011, at Honolulu’s 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.

Overall, the aim is to install 300 MW of photovoltaics in privatized U.S. military housing communities, which will generate solar electricity at a lower cost than utility power for up to 120,000 military housing units.

SolarCity and U.S. Bancorp have worked together since 2009. "The continued support of U.S. Bancorp means more renewable energy for those defending our nation and job creation for those vets who are transitioning back into U.S. society," said Lyndon Rive, CEO of SolarCity. "U.S. Bancorp’s contributions help us make solar power cost less than utility power for military housing communities in multiple states."

No further details were disclosed.