U.S. Bancorp (NYSE: USB) and SolarCity, a national leader in clean energy services, announced the creation of a renewable energy tax equity fund that will help to initiate the first phase of project SolarStrong, SolarCity’s ambitious five-year, nationwide initiative to provide existing privatized military housing with access to affordable solar power. U.S. Bancorp’s most recent investment represents an expansion of an ongoing partnership with SolarCity, which first began in 2009 to finance solar projects for U.S. homeowners and businesses.
“The continued support of U.S. Bancorp means more renewable energy for those defending our nation and job creation for those vets who are transitioning back into U.S. society,” said Lyndon Rive, CEO of SolarCity. “U.S. Bancorp’s contributions help us make solar power cost less than utility power for military housing communities in multiple states.”
SolarStrong is ultimately expected to create up to 300 megawatts of solar generation capacity that could provide power to up to 120,000 privatized military family homes. If completed as anticipated, SolarStrong is expected to be the largest residential solar photovoltaic project in American history. SolarCity is partnering with several veterans organizations to recruit qualified candidates for the projects.
“Our investment in SolarCity’s initiative is part of a broader commitment at U.S. Bancorp to military families,” said Rick Hartnack, vice chairman of consumer and small business banking for U.S. Bancorp. “Supporting our military members and their families is the not only the right thing to do, it makes our community and our businesses stronger.”
In 2008, U.S. Bank spearheaded its Military Initiative under the direction of President Richard Davis and vice chairmen Hartnack and Richard Payne, who are both veterans. The initiative serves as a means of supporting families who have members deployed or on reserve duty.
As of October 2011, U.S. Bank employed more than 1,600 veterans or active duty National Guard and Reserve service members, more than 200 of which were hired in 2011 alone. U.S. Bank has been recognized by organizations including Employer Support of the Guard and Reserve and G.I. Jobs and Military Times magazines for support of its military employees. In January, State of Minnesota officials declared U.S. Bancorp a Yellow Ribbon Company, recognizing the bank’s programs and support for employees who serve in the military themselves or have family serving.