Wednesday, September 7, 2011
US Renewables Group Invests $344M In Residential Solar
Los Angeles-based US Renewables Group, the private equity firm focused on renewable energy, said Wednesday that it is investing $344M in what it says is the largest residential solar project in U.S. history. The firm said it is financing a project, led by SolarCity, to install solar panels on military housing across the United States. The funding comes in the form of debt, via USRG Renewable Finance. The overall project is worth more than $1 billion, and is being operated by SolarCity across 160,0001 privatized military residences across 124 military bases. US Renewables said that it is getting a partial loan guarantee form the U.S. Department of Energy's Loan Program's Office as part of the deal. The installation will provide 371 MW of total solar energy generation capacity.