U.S. Bancorp and SolarCity to Fund Solar Power Installations in U.S. Military Housing Communities
March 13 2012 - 10:45AM
Business Wire
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. BancorpWith $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 $1.5 billion worth of
projects, including residential solar funds, commercial and
municipal wind and solar projects and utility-scale wind
developments.
About SolarCitySolarCity®—a national leader in clean
energy services—provides homeowners, business and government
organizations cleaner, more affordable alternatives to their
utility bills. The company makes it simple for customers to lock in
lower, long-term rates for clean energy by providing everything
from permitting and installation to ongoing monitoring and
maintenance. Additional information about the company is available
on the Web at www.solarcity.com.
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