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SolarCity to build US$1bn worth of solar

SolarCity and Bank of America Merrill Lynch have agreed to terms on financing for SolarStrong, SolarCity’s five-year plan to build more than US$1 billion worth of solar power projects for privatised US military housing communities across the country.

By Kari Williamson

SolarCity plans to partner with privatised military housing developers to install, own and operate rooftop solar installations and provide solar electricity at a lower cost than utility power.

SolarStrong is ultimately expected to create up to 300 MW of solar generation capacity.

“This project demonstrates the long term viability of large-scale, distributed solar generation,” says Jonathan Plowe, Head of New Energy and Infrastructure Solutions at BofA Merrill. “We are excited to see the project through with SolarCity and extend our expertise and financing capabilities to propel residential solar to the next level.”

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Green building  •  Photovoltaics (PV)  •  Policy, investment and markets