Washington D.C., October 3, 2011 — U.S. Energy Secretary Steven Chu announced that the Department of Energy has finalized a partial guarantee for a $1.4 billion loan to support Project Amp.
Project Amp will support the installation of solar panels across about 750 existing rooftops owned and managed by Prologis. The electricity generated from those panels will contribute directly to the electrical grid. The project sponsor estimates Project Amp will create more than a thousand construction jobs over a four-year period.
Solar installations will be built in up to 28 states and the District of Columbia. NRG Energy is the lead investor for Phase I of the installations. Project Amp is expected to generate enough renewable electricity to power over 88,000 homes and is expected to avoid about 580,000 metric tons of carbon dioxide annually.
Project Amp's application was submitted by the lender-applicant, Bank of America Merrill Lynch, under the Financial Institution Partnership Program.