On March 12, U.S. Bancorp and SolarCity announced the creation of a renewable energy tax equity fund to facilitate SolarStrong, an initiative to install solar panels on privatized military housing.
Announced in September 2011, project SolarStrong will be be the largest residential PV project in U.S. history, creating 300 MW of solar capacity powering 120,000 homes. The solar firm will own and operate the installations, while the owners of the military housing complexes will pay SolarCity for the electricity used.
“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.”
Photo Credit: SolarCity
Originally, the Department of Energy had issued a conditional commitment for a partial guarantee of a $344 million loan from the financiers. But SolarCity’s application could not be processed by the September 30 deadline, putting the future of SolarStrong in doubt.
According to the DOE, additional documentation requirements – resulting from the congressional investigation into Solyndra’s bankruptcy – were not met. But this investment, part of a partnership between U.S. Bancorp and SolarCity dating back to 2009, has helped put SolarStrong back in action.
U.S. Bancorp’s support for SolarStrong is part of its Military Initiative, started in 2008. U.S. Bancorp is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. As of October 2011, U.S. Bank employed over 1,600 veterans and active duty National Guard and Reserve service members.
“Our investment in SolarCity’s initiative is part of a broader commitment at U.S. Bancorp to military families,” said Rick Hartnack, vice chairman of consumer and small business banking for U.S. Bancorp. “Supporting our military members and their families is the not only the right thing to do, it makes our community and our businesses stronger.”
