30 Nov '11, 6pm

$1 Billion Solar Project Goes Ahead Without DOE Backing

The company had received a conditional loan guarantee from the Department of Energy this summer, but it was unable to close the deal ahead of the Sept. 30 deadline. At the time, the company said the Solyndra bankruptcy and the increased scrutiny of the DOE program derailed the conditional agreement . The company also said in September that it was planning to forge ahead with a much smaller version of the military program. But now the project seems to be back on track even without the federal support. SolarCity and BofA Merrill, an original lender on the DOE application, continued to work to close SolarStrong without the loan guarantee. In a press release, SolarCity CEO Lyndon Rive said BofA Merrill worked to come up with a financing structure that did not include a federal safety net. He also credited long-term incentives like the investment tax credit for providing the st...

Full article: http://www.renewableenergyworld.com/rea/news/article/2011...

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