U.S. Energy Secretary Steven Chu announced a DOE offer of a conditional commitment for a partial guarantee of a $344 million loan to help secure financing for a SolarCity project. As part of the project, SolarCity, based in San Mateo, Calif., plans to partner with the country's leading military housing-privatization developers to install, own and operate up to 160,000 rooftop solar installations on as many as 124 military housing developments across 33 U.S. states. The project is expected to create more than $1 billion in solar projects and 371MW of new solar generation capacity. USRG Renewable Finance, a subsidiary of U.S. Renewables Group, will serve as the lead lender for the project in partnership with BofA Merrill Lynch.
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