SolarCity, U.S. Bancorp launch military solar fund
The fund is expected to help San Mateo-based SolarCity initiate phase one of its SolarStrong project.
SolarCity and U.S. Bancorp said Tuesday they have created a renewable energy tax equity fund. The size of the fund was not disclosed.
The fund is expected to help San Mateo-based SolarCity initiate phase one of its SolarStrong project, a five-year plan to provide privatized military housing with access to affordable solar power. The project aims to provide power to up to 120,000 military family homes.
SolarCity and U.S. Bancorp (NYSE:USB) have an existing relationship, which is being expanded with Tuesday's announcement.
SolarCity has also previously received financing for the more than $1 billion SolarStrong project from Bank of America Merrill Lynch, after its loan guarantee from the U.S Department of Energy came under scrutiny in light of Solyndra LLC's bankruptcy filing last year.
Military activity in renewable energy was highlighted as a trend in the Clean Energy Trends 2012 report released Tuesday.
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