Bank of America financing $2.6B solar project

Bank of America said it will provide $1.4 billion in financing for a $2.6 billion project that will put solar panels atop industrial buildings in 28 states.

The panels will be installed on buildings owned or managed by ProLogis , an international industrial real estate firm. NRG Energy will develop the power grids.

Electricity from the solar panels will be sold to power utilities. The project is projected to create 733 megawatts of electricity, enough to power 100,000 homes. The project will begin in California. Developers haven’t disclosed the full list of other sites.

The ambitious project has been called a landmark deal, especially since major banks have hesitated to finance large solar projects. Charlotte, N.C.-based Bank of America (NYSE: BAC), the fifth-largest bank in the Albany, New York, area with $1.46 billion in local deposits, said its financing will be supported by an 80 percent loan guarantee provided by the U.S. Department of Energy.

From The Business Review.

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