SolarCity's BofA Loan Keeps Ball Rolling On $1B Project

Law360, New York (November 30, 2011, 4:45 PM EST) -- SolarCity Corp. is moving ahead with a $1 billion solar project for military housing with financing from Bank of America Corp. despite the solar-panel installer failing to secure a federal loan guarantee in September, the company said Wednesday.

SolarCity, backed by a $350 million loan from Bank of America's Merrill Lynch unit, is moving ahead with SolarStrong, a five-year project to work with military housing developers to install, own and operate rooftop solar installations, the company said. SolarCity will raise additional equity funds for the remainder of the project, according to a spokesman.

The deal...
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