Funding secured for 733MW of rooftop projects in 28 US States

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Update

The U.S. Department of Energy's Loan Programs Office has made a conditional commitment on loan guarantees to the tune of US$1.4 billion to support rooftop solar generation projects across 28 US States that will result in approximately 733MW of distributed solar energy. The total project size is approximately US$2.6 billion, entirely financed by the private sector, which includes consortium led by Bank of America Merrill Lynch, Prologis and NRG Energy.

“By harnessing the full capabilities of our platform we're able to deliver this innovative transaction that brings together many parts of our Global Banking and Markets franchise,” said Tom Montag, president of Global Banking and Markets. “This important accomplishment transforms the dynamics of distributed solar generation, delivers a significant source of clean energy and creates thousands of jobs across the U.S.”

The consortium said that they expected 10,000 full-year jobs while the projects are constructed.

Drew Torbin, vice president of Prologis Renewable Energy, commented, “This project will add significant scale to the distributed solar market and provides economic and environmental benefit to our shareholders and customers.”

“NRG believes rooftop solar is a smart choice for industrial, commercial and residential property owners in markets around the country, and this program provides the commercial scale that will bring the benefits of solar power to customers across the country,” said Tom Doyle, president of NRG Solar, NRG's solar subsidiary. “This program will nearly double the amount of grid-connected solar online in the United States today and make another positive contribution to cleaner air and a healthy environment.”

NRG Energy is to fund the first phase of the project, with right of first offer for the remainder (up to the program total of 733MW) and is expected to provide development resources and project expertise for the installations. Prologis, an operator and developer of industrial real estate, was said to be providing site access to rooftops and will also act as developer, construction manager and program sponsor, in addition to making an equity investment.

The majority of NRG Energy’s previously detailed PV project pipeline had selected First Solar, SunPower and Sharp modules. 

Update
 
In a statement from the U.S. Energy Secretary, Steven Chu the guarantee for a US$1.4 billion loan is referred to as Project Amp, which will embrace approximately 750 existing rooftops owned and managed by Prologis. 
 
In the first phase of projects being conducted by NRG Energy, includes a 15.4MW installation in southern California. Phase 1 will use at least 90% of US sourced components, according to the statement.  The power generated from this first project is expected to be sold to Southern California Edison. Further planned installations will be built in up to 28 states and the District of Columbia.
 
“This unprecedented solar project will not only produce clean, renewable energy to power the grid in states across the country, but it will help us meet the SunShot goal of achieving cost competitive solar power with other forms of energy by the end of the decade,” said Secretary Chu. “In addition, Project Amp will create at least a thousand jobs across the U.S. and increase our global competitiveness in the clean energy race.”
 
Overall, Project Amp is expected to produce up to one million megawatt hours annually, enough to power over 88,000 homes and is calculated to avoid approximately 580,000 tons of carbon pollution annually.

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