SolarCity, Forest City Team to Install Solar on up to 6,500 Homes in Project at Navy, Marine Corps Bases in Hawai'i
Primarily Financed by Bank of America Merrill Lynch, Latest SolarStrong Project expected to be SolarCity's Largest to Date and will Significantly Reduce State's Oil Consumption
MILILANI, Hawaii--Construction has started on the first phase of a massive solar project by Forest City Military Communities and SolarCity® (Nasdaq: SCTY) to provide solar electricity to 6,500 military family residences at Ohana Military Communities (OMC), which serves Navy Region Hawaii and Marine Corps Base Hawaii. The latest SolarStrong™ project is scoped for a planned 24 megawatts (MW) of generation capacity, which would make it the largest SolarCity has undertaken to date. SolarCity and Forest City have finished installing the first 700 kilowatts of solar capacity at Marine Corps Base Hawaii, and will soon initiate the first installations on Navy Region Hawaii. Representatives from Forest City and SolarCity will join in a traditional Hawaiian blessing today to celebrate the initiation of the project. SolarStrong, SolarCity's five-year plan to build more than $1 billion in solar energy projects for U.S. military housing communities, is expected to create up to 300 MW of solar generation capacity that could provide energy to as many as 120,000 military housing units.
Primarily financed by Bank of America Merrill Lynch, the new project at Marine Corps Base Hawaii and Navy Region Hawaii is expected to reduce Hawaii's dependence on the imported oil it uses to produce the majority of its electricity. The projects will help the state make a significant advance toward its ambitious Clean Energy Initiative goal to use 70% clean energy, including 40% renewable energy, by 2030. The project will also help the Department of Defense, currently the largest energy consumer in the United States, make additional progress toward its goal to have 25% of its energy requirements met by renewable energy by 2025.
Forest City is a leading developer and manager of distinctive and diversified real estate projects, with properties in 26 states and the District of Columbia. The company currently manages military family housing units in eight states from Hawaii to South Carolina for the Navy, Marine Corps and Air Force under the Armed Forces' Public-Private Venture (PPV) Privatized Family Housing program.
"Our partnership with SolarCity on this renewable energy initiative is a strong positive for the military and for the environment. Sustainability is a corporate core value at Forest City," said Thomas Henneberry, president of Forest City Military Communities. "This is our first involvement with the SolarStrong project and we're hopeful to find opportunities to expand it to other portions of our portfolio."
"Top Navy leaders support these initiatives because we are stronger, safer and less vulnerable when we embrace renewable energy and support sustainability -- in all of our communities," said Rear Admiral Frank Ponds, Commander, Navy Region Hawaii. "We need to diversify our energy resources, and we need to build strong partnerships. For example, through the joint energy security initiative here in Hawaii we have a strong commitment to solar energy as well as other promising alternative and renewable energy sources and solutions. We are moving forward together at every opportunity to promote sustainability and security. This is the right thing to do for the Navy, for Hawaii and for the nation -- not only now, but also for generations to come."
"This project not only benefits our military ohana, it reduces our energy costs which directly affect how our tax payer's dollar is spent. Additionally, it reduces our reliance on foreign oil, and helps contribute to Hawaii's goal to generate 40% clean energy from locally generated renewables by 2030," said Col. Brian Annichiarico, commanding officer, Marine Corps Base Hawaii.
"Project by project, our SolarStrong initiative is assisting the Department of Defense's impressive effort to change the way our nation's military consumes energy," said SolarCity CEO Lyndon Rive. "The road to the Department's goal of 25% renewable energy by 2025 is being paved, in part, with solar panels by sustainable developers such as Forest City."
"We are pleased to be able to help finance the most recent and largest planned SolarStrong project so far," said Jonathan Plowe, head of New Energy & Infrastructure Solutions at Bank of America Merrill Lynch. "Bank of America Merrill Lynch remains a leader in financing solar power, and is proud to work with SolarCity, Forest City and the U.S. military to promote the use of clean, renewable energy and create jobs for Americans, including veterans and military family members."
In addition to SolarStrong, SolarCity is pursuing a veteran hiring initiative as part of its Workforce Development program. The company has hired more than 100 veterans this year in various positions within the company including IT, sales, managerial, administration, design and installation. The company has collaborated on hiring processes by partnering with several veteran programs across the country, including Veteran Affairs national offices, JPMorgan Chase & Co's ‘100,000 Jobs Mission,' Swords to Plowshares, The California National Guard, The California Conservation Corps and Veterans Green Jobs.
In addition to the Navy Region Hawaii and Marine Corps Base Hawaii projects announced today, there are additional SolarStrong projects underway at Fort Bliss and White Sands Missile Range in Texas, Hickam Community Housing at Joint Base Pearl Harbor-Hickam, Los Angeles Air Force Base, and Peterson and Schriever Air Force Bases in Colorado. Each project was financed in part by Bank of America Merrill Lynch.
About Forest City Military Communities Hawaii
Forest City Military Communities in Hawaii is now managing over 6,700 homes for Navy and Marine families. A majority of the homes will be demolished and built anew or fully renovated, resulting in a development budget exceeding $1.7 billion, excluding reserves. As part of its Public-Private Venture (PPV) partnership with the Department of the Navy, FCMC Hawaii is rebuilding approximately half of the total inventory of 6,788 military family housing units across 36 neighborhoods on Oahu and Kauai. In addition to all planning, financing, construction and renovations, Forest City also provides ongoing leasing, operations and maintenance for the properties and residential communities.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.6 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 53 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.