Bloomberg News

U.S. Bancorp Backs SolarCity’s $1 Billion Military Solar Program

March 13, 2012

SolarCity Corp., a closely held developer of rooftop photovoltaic projects, received an undisclosed amount of funding from U.S. Bancorp for its $1 billion program to install renewable-energy systems on military housing.

The tax-equity investment will support the first phase of a five-year program to install as much as 300 megawatts of solar panels, the Minneapolis-based bank said today in a statement.

SolarCity in November said Bank of America Corp. would provide as much as $350 million in loans for the program, named SolarStrong.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net


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