SolarCity Unveils Plan to Double the Total Number of Residential Solar Installations in the U.S. Through Installation of Solar Power on 160,000 Military Homes by EON


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									SolarCity Unveils Plan to Double the Total
Number of Residential Solar Installations in the
U.S. Through Installation of Solar Power on
160,000 Military Homes
Project SolarStrong would be the largest residential solar project in U.S. history

September 07, 2011 02:18 PM Eastern Daylight Time 

SAN MATEO, Calif.--(EON: Enhanced Online News)--SolarCity took a major step today in an initiative that could
double the number of residential solar photovoltaic installations in the United States.1 U.S. Energy Secretary Steven
Chu today announced the offer of a conditional commitment for a partial guarantee of a $344 million loan to help
secure financing for SolarCity’s “SolarStrong™” project. As part of the project, SolarCity plans to partner with the
country’s leading military housing-privatization developers to install, own and operate up to 160,000 rooftop solar
installations on as many as 124 military housing developments across 33 U.S. states. The project is expected to
create more than $1 billion in solar projects and 371 megawatts of new solar generation capacity. USRG Renewable
Finance, a subsidiary of U.S. Renewables Group, will serve as the lead lender for the project in partnership with
BofA Merrill Lynch.

“We’re extremely grateful to the Department of Energy’s Loan Programs Office, in addition to our partners, U.S.
Renewables Group and BofA Merrill Lynch. Without this group, we would not have been able to make the
economics of this project work,” said Lyndon Rive, SolarCity’s CEO. “Now the solar industry has a debt model
that can make distributed generation affordable on a massive scale.” 

SolarCity, which currently employs more than 1,200 people in 11 states, will create new jobs and help jumpstart the
renewable energy industry in up to 22 additional states, some of which have very little solar generation capacity
today. According to the National Renewable Energy Laboratories’ (NREL) Jobs and Economic Development
Impact model, the SolarStrong installations would be expected to create nearly 6,000 direct job-years2 related to
the installation and ongoing maintenance of the systems. SolarCity hopes to fill as many of the jobs as possible with
U.S. veterans and military family members.

The SolarStrong projects will likely include installing solar on other privatized buildings on military bases, such as
community centers, administrative offices, maintenance buildings and storage warehouses. The first SolarStrong-
eligible project — a coordinated effort between real estate developer Lend Lease and SolarCity — is already
underway at Hickam Communities at Joint Base Pearl Harbor-Hickam in Hawaii. When completed, that project
alone will provide renewable power to more than 2,000 military family homes.

“Thanks to the Energy Department’s leadership and resolve, we can now bring an unprecedented opportunity to
privatized military housing across the U.S.,” said Aaron Gillmore, SolarCity’s vice president of solar development.
“We believe the SolarStrong model will deliver the most affordable solar option available to military housing, and
provide a template for financing large-scale residential solar projects well into the future.” 

The SolarStrong project will help the Department of Defense (DOD), the single-largest energy consumer in the U.S.,
secure its energy needs from renewable sources operated in parallel with the utility grid. DOD has a stated goal to
migrate to greater than 25 percent renewable energy generation by the year 2025.

About SolarCity

SolarCity®, a national leader in solar power design, financing, installation, monitoring and energy efficiency services,
was founded with the mission to help millions of homeowners and businesses adopt clean power, protect themselves
from rising gas and electricity costs and protect their environment from polluting power sources. The company’s
SolarLease® and Power Purchase Agreement (SolarPPA™) options can make it possible for homeowners and
businesses to switch to clean, solar power for less money than they currently pay for electricity. Additional
information about the company is available on the Web at

1 There were 166,000 photovoltaic installations in the U.S. at the end of Q1 2011, according to Greentech Media.

    One job-year is one full-time job for one year.

Jonathan Bass, 650-963-5156

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