US Renewables Group (USRG) will provide $344 million in financing to install 371 MW of solar panels on military housing across the U.S.
SolarCity will install, own and operate the rooftop solar systems. They will be installed on as many as 160,000 privatized military residences on up to 124 military bases in 33 states. USRG Renewable Finance, in partnership with BofA Merrill Lynch, will serve as lender for Project SolarStrong, a multi-year project valued at more than $1 billion.
At each military base, SolarCity will hire and train veterans and/or family members of active duty military service members to install and maintain the solar systems.
The U.S. Department of Energy’s (DOE) Loan Guarantee Office has offered a conditional commitment for a partial loan guarantee to USRG Renewable Finance for the project. The program guarantees up to 80 percent of a loan to a renewable energy project.
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