U.S. Bank Home   Customer Service   Contact Us   Locations   Careers   About U.S. Bancorp   
U.S. Bank

Search
 
About



About



Related Links
Careers at U.S. Bancorp
Community Relations
Corporate Governance
Resources
IR Tool Kit
Print PagePrint Page
E-mail PageE-mail Page
RSS FeedsRSS Feeds
IR ContactsIR Contacts


Printer Friendly Version View printer-friendly version
<< Back
Portland Habilitation Center and U.S. Bank Announce Financing to Build Oregon's Largest Solar Electric System

PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 21, 2008--Portland Habilitation Center Northwest, a non-profit organization that trains and employs individuals with disabilities throughout Oregon and Washington, will soon host the largest solar electric system in the state of Oregon. U.S. Bancorp Community Development Corporation will own and finance the 870 kilowatt system. Additional financing is being provided by Meyer Memorial Trust and the Energy Trust of Oregon.

United Fund Advisors is developing the project and structured the financing of the federal and state tax credits for U.S. Bancorp. Commercial Solar Ventures is working with the Habilitation Center as a financial solar consultant. Dynalectric and the architecture firm of Ernie Munch are engaged to design and install the PV system which will consist of high performance Day4 48 MC solar modules from Day4 Energy.

The solar electric system will be located on the rooftop of the Habilitation Center's new industrial facility in Northeast Portland. The renewable energy generated from the system will power expansion of the Habilitation Center's in-house manufacturing, assembly, order fulfillment, courier, and warehousing services to a variety of Oregon and Washington companies. Any excess energy generated from the solar system will be delivered to Portland General Electric's grid and the Habilitation Center will be credited for any unused energy under Oregon's net-metering law. The solar installation will eventually save the Habilitation Center nearly $75,000 in annual energy costs and reduce its greenhouse gas emissions by approximately 18,000 tons over the life of the system.

Despite Portland's rainy reputation, western Oregon has enough annual sunlight to efficiently power solar projects. Germany, the world leader in solar installations, actually receives less average annual sunlight than Oregon. In addition to the ample sunlight, Oregon has attractive state tax incentives for installing solar systems, making it a prime region for developing new solar projects.

"This project fits well into U.S. Bank's focus on making a positive impact on the environment by taking a green approach to our business policies as appropriate for our company and our customers," said Malia Wasson, President U.S. Bank-Oregon.

About U.S. Bancorp Community Development Corporation

U.S. Bancorp's Community Development Corporation, with assets of nearly $4 billion is one of the largest tax credit investors in the country. In addition to renewable energy projects, it also finances affordable housing and community development projects through the use of low-income housing, historic, and New Markets Tax Credits. It is a subsidiary of U.S. Bancorp (NYSE: USB), with assets of $238 billion, the parent company of U.S. Bank, the 6th largest commercial bank in the United States, which operates 2,518 banking offices and 4,867 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. www.usbank.com

About United Fund Advisors

United Fund Advisors is a financial services firm with a triple bottom line mission. Its Renewable Energy division works with its investor partners to finance, structure, and develop renewable energy projects throughout the country. www.unitedfundadvisors.com

About Commercial Solar Ventures

Commercial Solar Ventures is a Portland-based renewable energy development company specializing in commercial scale solar installations throughout Oregon. It is a joint venture between Real Energy Solutions and Sustainable Solutions Unlimited. www.c-s-v.com

About Energy Trust of Oregon

Energy Trust of Oregon, Inc., is a nonprofit organization dedicated to changing how Oregonians use energy by promoting energy efficiency and clean renewable energy for Oregon customers of Portland General Electric, Pacific Power, NW Natural and Cascade Natural Gas. For more information, call 1-866-368-7878 or visit the website. www.energytrust.org

About Dynalectric

Dynalectric's Alternative Power Solutions provides energy consulting, installation, and maintenance services to clients nationwide. Working in conjunction with the Energy Trust of Oregon, Dynalectric's expert consultants evaluate power needs, assess the energy resource potential of geographic locations, and identify the right technological solutions. www.dyna-portland.com

About Day4 Energy

Headquartered near Vancouver, British Columbia, Day4 Energy Inc. (TSX: DFE) designs, manufactures and sells photovoltaic (PV) modules based on its patented Day4 Electrode technology, a proprietary method of contacting and interconnecting solar cells that produces PV panels of high power density, increased lifetime and uncompromised aesthetic appearance. Day4 Energy partners with the industry's leading PV cell producers to deliver UL- and TUV-certified commercial and residential solar products to customers throughout Europe and North America. www.day4energy.com

CONTACT: U.S. Bank
Lisa Clark, 608-877-7517U.S. Bank

SOURCE: U.S. Bank
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. U.S. Bancorp does not undertake an obligation, and disclaims any duty, to update any of the information on or available through this site.

This site is supported through the use of Microsoft Internet Explorer Browser, version 6.x or higher. Use of older or other browsers may cause pages to improperly display. We regret any inconvenience that this may cause.





Privacy Pledge   |   © 2010 U.S. Bancorp Site Map   |   Careers