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After losing federal loan guarantee, a massive military solar project gets new life
SAN FRANCISCO (AP) ' A $1 billion solar energy project that would nearly double the number of panels on residential rooftops in the U.S. is back on track less than two months after losing a federal loan guarantee in the wake of the Solyndra scandal.
San Mateo, Calif.-based SolarCity said Tuesday that Bank of America Merrill Lynch will finance the five-year project called SolarStrong. The project will install shimmering solar panels on 120,000 military houses in dozens of states.
In September, SolarCity said the project's loan guarantee from the U.S. Department of Energy was scuttled due to increased documentation requirements caused by Solyndra Inc.'s collapse.
The increased paperwork meant SolarCity couldn't finalize the loan guarantee by DOE's Sept. 30 deadline.