USRG's debt financing partner, USRG Renewable Finance, will be a lender for Project SolarStrong, a multi-year project valued at more than USD1 billion. Under this project, Solar City will install, own, and activate rooftop solar systems on up to 160,000 privatized military habitations on as many as 124 military bases across 33 states.
The U.S. Department of Energy's Loan Programs Office has offered a provisional commitment for a fractional loan guarantee to USRG Renewable Finance for the project.
Through the program, the Department of Energy promises up to 80 percent of a loan provided to a qualifying renewable energy project. USRG Renewable Finance will give the financing in partnership with BofA Merrill Lynch.
Tim Newell, Managing Director of USRG Renewable Finance said that they were proud that this project will provide an investment in military communities hit by the economy and troop operations.
USRG Renewable Finance is an associate of USRG providing debt financing to renewable energy projects.