More on Solar Panels: SolarCity Lands Private Financing

Largest Residential Solar Photovoltaic Project in U.S. History
From November 30, 2011, By Wendy Koch, USA TODAY

Outdoor Solar PanelsNew developments in solar panels and solar technology implementation means good news for the U.S. solar and alternative energy market.

SolarCity, a solar company based in California, announced to the press that it has put together enough private financing to begin a massive undertaking. What might that be? Nothing less than the single largest residential solar panel project in the country’s history. So large, in fact, that the photovoltaic project is expected to power as many as 120,000 housing units for the military.

The backstory is interesting, given that last year, SolarCity was in the market for as much as a $1 billion dollar loan guarantee from the U.S. Department of Energy. And all this in the wake of problems with the now-bankrupt and entirely controversial solar company Solyndra. The five year plan in the hands of SolarCity was geared toward owning and operating rooftop solar panels for several privatized military housing communities across the nation. Though the Dept. of Energy did offer a conditional agreement, the players at the table couldn’t finalize a deal before the 1705 program expired at the end of September.

According to reports, “SolarCity […] continued to work with the Bank of America Merrill Lynch to attract private investors for its SolarStrong project, receiving advice from equity firm US Renewables Group.” And for residential solar of any kind to be moving forward without a federal guarantee is a big deal, and one worth paying attention to in the years forthcoming.

Read the rest: $1B-plus solar power project gets private funding

[Photo Via: en.wikipedia.org]

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