Wednesday, September 7, 2011

SolarCity Plans $1 Billion In Residential Solar Projects

San Mateo-based SolarCity said today that it has received a $344M loan guarantee on a residential solar photovoltaic installation deal, worth $1 billion, from the U.S. Department of Energy. SolarCity said the funding goes toward the installation of solar power on up to 160,000 rooftops on 124 military housing developments across the U.S. The "SolarStrong" project is being funded by U.S. Renewable Finance, a subsidiary of U.S. Renewables Group, along with BofA Merrill Lynch. SolarCity said project will create new jobs, and result in doublingof the number of residential solar photovoltaic installations in the United States. The first installations as part of the project is under way at Hickam Communities at Joint Base Pearl Harbor-Hickam in Hawaii.