B OF A BUYS INTO SOLARSTRONG

Bank of America Merrill Lynch to Finance Largest Residential Solar Project in U.S. History; Second Solar Deal Since June Solidifies Bank's Leadership in Distributed Solar Generation
September 7, 2011 (Business Wire via Bank of America)

"Reaffirming its status as the go-to bank for financing distributed solar generation projects, Bank of America Merrill Lynch…[announced backing for] Project SolarStrong, the largest residential solar power project to date and the first of its kind…

"SolarStrong is expected to create more than $1 billion in solar projects and 371 megawatts of new solar generation capacity through the installation of rooftop photovoltaic (PV) systems on up to 160,000 U.S. military residences on as many as 124 U.S. military bases in 33 states."

"BofA Merrill has joined with SolarCity and US Renewables Group on the project, which will create thousands of jobs and provide low-cost, renewable electricity, while avoiding the emission of over 250,000 metric tons of carbon dioxide annually. Many of the jobs are expected to be filled by U.S. veterans and military family members, who will be recruited, trained and employed to install, operate and maintain the PV systems.

"The project will be financed by the private sector through a combination of debt and equity, and the U.S. Department of Energy's Loan Programs Office has offered a conditional commitment for partial guarantee of a $344 million loan. SolarCity will install, own and operate the rooftop solar installations; USRG Renewable Finance, a subsidiary of US Renewables Group, is acting as lead lender; and BofA Merrill will provide debt financing for the project, as well as advisory and administrative services…"