U.S. military solar project receives financing

SolarCity and Bank of America Merrill Lynch agreed to terms on financing for a more than $1 billion project to install up to 300 MW of solar projects on U.S. military housing communities across the country.

The project, called SolarStrong, aims to install these projects over five years. SolarCity has already begun installations at Joint Base Pearl Harbor-Hickam in Hawaii.

SolarCity was unable to finalize a $344 million loan guarantee from the U.S. Department of Energy before a Sept. 30 deadline.

Private equity firm U.S. Renewables Group served as financial advisor for SolarStrong.

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