Planet Gore

DOE Guarantees $2.6 Billion for B of A Solar Projects

Triple Pundit:

Bank of America announced an agreement this week with ProLogis, and NRG Energy and the US DOE’s Loan Program Office to finance the deployment of up to $2.6 billion of commercial and industrial rooftop solar installations, all across the country.

This will be the largest distributed solar deal in history, which will create the equivalent of over 10,000 job-years, while providing 733MW of distributed solar energy, which is enough to power 100,000 homes across 28 states.

Bank of America is the sole financial lender in the agreement, which is backed by a loan guarantee from the Department of Energy’s Financial Institutions Partnership Program.

All the funds will be raised from private investors over the next four years. Prologis will act as the developer and site host and NRG Energy will be the lead investor for the first phase of the project. This landmark deal adds to a growing list of recent commitments by BOA Merrill including a newly established goal by the company to reduce its global green house gas emissions 15 percent by 2015, and the launch of a $55 million energy efficiency finance program to encourage energy efficiency in older buildings in key markets across the U.S.

The first phase of the so-called AMP project, which will provide 15MW in Southern California, is ready to begin immediately.

Prologis will provide site access to rooftops, mostly on warehouses and will also act as developer, construction manager and program sponsor, in addition to being an equity investor. This project is the most recent example of the company’s long-standing and industry-leading commitment to renewable energy.

“As one of the world’s largest owners of distribution facilities and an active solar industry participant, we’re pleased to be a partner in a project of this magnitude,” said Drew Torbin, vice president of Prologis Renewable Energy. “This project will add significant scale to the distributed solar market and provides economic and environmental benefit to our shareholders and customers.”

Most Popular

PC Culture

When PC Comes Back to Bite You

Political correctness run amok is a popular topic on the right these days. Indeed, the conservative bookshelf is chock full of best-sellers devoted to the topic. Subject matters vary. One may focus on the hypocrisy of campus speech codes, another on the revisionist attempt to indict our founding fathers, yet ... Read More
Politics & Policy

Charles Krauthammer, R.I.P.

It’s not often that the loss of an opinion writer can be said to be a loss for the country, but that is true of Charles Krauthammer, the Pulitzer Prize–winning columnist who died yesterday. In a fractured media environment where almost no one commands universal respect, where crudity of expression and ... Read More
Politics & Policy

Time Stands by Misleading Cover Photo

Time magazine on Friday defended its decision to feature a photo of a crying toddler who was never separated from her mother on the cover of its July issue detailing family separations at the border. “The June 12 photograph of the 2-year-old Honduran girl became the most visible symbol of the ongoing ... Read More