New Funding Expected to Finance First Phase of What is Expected to
be Largest Residential Solar Project in American History
MINNEAPOLIS--(BUSINESS WIRE)--Mar. 13, 2012--
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
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
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 $1.5 billion worth of projects, including residential solar
funds, commercial and municipal wind and solar projects and
utility-scale wind developments.
SolarCity®—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.
Source: U.S. Bancorp
(650) 963-5156, firstname.lastname@example.org
U.S. Bank Public Relations
(612) 303-0731, email@example.com