Bank of America Merrill Lynch, Prologis and NRG Energy secure an offer of a conditional loan guarantee commitment from Department of Energy.
Rooftop solar generation takes a giant leap forward as a consortium of leading companies – Bank of America Merrill Lynch, Prologis and NRG Energy – announce an offer of a conditional commitment from the U.S. Department of Energy’s Loan Programs Office to help finance the largest distributed rooftop solar generation project in the world. The loan guarantee supporting $1.4 billion of debt facilitates a total project size of about $2.6 billion, which is being financed entirely by the private sector over the next four years.
This distributed solar project will generate employment across 28 states and will create the equivalent of more than 10,000 full-year jobs. Once fully funded and completed, these installations are expected to provide approximately 733 megawatts (MW) of distributed solar energy, which is enough clean, renewable energy to power approximately 100,000 homes.