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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.
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