U.S. Bancorp and Solarcity to Fund Solar Power Installations in U.S. Military Housing Communities
New Funding Expected to Finance First Phase of What is Expected to be Largest Residential Solar Project in American History
MINNEAPOLIS (March 12, 2012) – U.S. Bancorp (NYSE: USB) and SolarCity, a national leader in clean energy services, today announced the creation of a renewable energy tax equity fund that will help to initiate the first phase of project SolarStrong, SolarCity’s ambitious five-year, nationwide initiative to provide existing privatized military housing with access to affordable solar power. U.S. Bancorp’s most recent investment represents an expansion of an ongoing partnership with SolarCity, which first began in 2009 to finance solar projects for U.S. homeowners and businesses.
“The continued support of U.S. Bancorp means more renewable energy for those defending our nation and job creation for those vets who are transitioning back into U.S. society,” said Lyndon Rive, CEO of SolarCity. “U.S. Bancorp’s contributions help us make solar power cost less than utility power for military housing communities in multiple states.”
SolarStrong is ultimately expected to create up to 300 megawatts of solar generation capacity that could provide power to up to 120,000 privatized military family homes. If completed as anticipated, SolarStrong is expected to be the largest residential solar photovoltaic project in American history. SolarCity is partnering with several veterans organizations to recruit qualified candidates for the projects.
“Our investment in SolarCity’s initiative is part of a broader commitment at U.S. Bancorp to military families,” said Rick Hartnack, vice chairman of consumer and small business banking for U.S. Bancorp. “Supporting our military members and their families is the not only the right thing to do, it makes our community and our businesses stronger.”
In 2008, U.S. Bank spearheaded its Military Initiative under the direction of President Richard Davis and vice chairmen Hartnack and Richard Payne, who are both veterans. The initiative serves as a means of supporting families who have members deployed or on reserve duty.
As of October 2011, U.S. Bank employed more than 1,600 veterans or active duty National Guard and Reserve service members, more than 200 of which were hired in 2011 alone. U.S. Bank has been recognized by organizations including Employer Support of the Guard and Reserve and G.I. Jobs and Military Times magazines for support of its military employees. In January, State of Minnesota officials declared U.S. Bancorp a Yellow Ribbon Company, recognizing the bank’s programs and support for employees who serve in the military themselves or have family serving.
About U.S. Bancorp
With $340 billion in assets as of Dec. 31, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,085 banking offices in 25 states and 5,053 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
Since 2008, U.S. Bank has committed more than $690 million of renewable energy tax equity in support of clean energy projects with over $570 million invested in solar power generating facilities and the balance in wind energy projects. This commitment has supported the development of more than $1.7 billion worth of projects, including residential solar funds, commercial and municipal wind and solar projects and utility-scale wind developments.
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every three minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.