SolarCity nabs $1B military deal
The U.S. military has commissioned a $1 billion solar project — and SolarCity is the big winner.
And, as if that wasn’t enough, this story’s also got: jobs for veterans. Another Department of Energy loan guarantee. And Bank of America news.
It’s hard to know where to start but here goes:
The U.S. military is embarking on the U.S.’s largest residential solar project, which will blanket up to 160,000 military residences with 371 megawatts of solar systems.
Foster City-based solar installer SolarCity is the installer on the project and will own, operate and maintain the systems for the military, which will likely lease the panels from SolarCity or buy the power produced from them at a fixed cost.
U.S. Renewables Group is the lead lender on the project. Bank of America Merrill Lynch (this is apparently what BofA is calling itself today) is providing the debt on the project. And the U.S. government has offered a conditional loan guarantee for $344 million.
Did I mention SolarCity plans to hire and train military veterans to install and maintain the panels? BofA says about 1,000 jobs will be created. SolarCity says 6,000 "job years" will be created to install and maintain the panels and that it will aim to hire as many military veterans as possible.
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