SolarCity advances $1bn, 300MW residential PV portfolio

SolarStrong, a large, distributed solar installation scheme and one of the high-profile loan guarantee finalists to miss out on federal backing earlier this autumn, is going forward with private financing from Bank of America Merrill Lynch (BAML).

Solar installer SolarCity has agreed terms for financing more than $1bn of PV projects on military housing developments around the country. The five-year development portfolio targets up to 300MW of installed capacity, making it “the largest residential solar photovoltaic project in American history”, according to the company.

SolarStrong has been scaled back slightly from the 371MW portfolio that received a conditional loan guarantee commitment from the Department of Energy in September. The deal could not be closed in time to meet a 30 September deadline, in part because of additional…

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