SAN MATEO, Calif., Aug. 12, 2015 /PRNewswire/ -- GivePower Foundation—a charitable non-profit organization that addresses energy poverty by providing solar-powered lighting to schools in the developing world—is expanding. Through a $500,000 donation from the Bank of America Charitable Foundation, GivePower Foundation now plans to provide light to an additional 1,000 schools, totaling more than 1,500 schools by the end of 2015. In 2014, GivePower Foundation donated solar powered lighting to 511 schools in Africa and Central America, exceeding its first year goal to provide light to a school in a developing country for each megawatt of solar power it installs in the United States. The GivePower Foundation, established with funding that came entirely from SolarCity in 2014, will begin to accept public donations in 2015.
GivePower Foundation donates solar panels, batteries and lighting to schools to extend classroom hours in the early morning and evening, and create a night time gathering place in communities that often lack basic access to electricity. The solar panels can also power cell phones and other small electronic devices throughout the day. This donation is part of Bank of America's commitment to environmental philanthropy focused on carbon emission reductions, access to clean water and research and innovation. The $500,000 grant will support hundreds of school lighting projects as well as solar training, research and development in off-grid communities.
"We are extremely grateful for Bank of America Charitable Foundation's generous donation to GivePower," said Hayes Barnard, SolarCity's Chief Revenue Officer and GivePower Foundation President. "With this commitment, we are able to expand our program, bringing light to even more schools and communities in need."
This year's GivePower Foundation projects will bring light to remote villages in Mali, Nicaragua, Kenya, Haiti, Uganda, Nigeria, Malawi, Nepal, and Ghana. As a 501(c)(3) public charity, the foundation is now accepting donations to help it bring light to even more schools and communities in need. Approximately 291 million children around the world attend primary schools without electricity, and 1.3 billion people around the world live without electricity.*
"Education is vital to empowering communities and forming tomorrow's leaders, and we are excited to play a role in ensuring these schools have lighting for the first time," said Anne Finucane, vice chairman and global chief strategy and marketing officer at Bank of America. "Our new partnership with GivePower Foundation is bringing clean energy to the developing world and is part of our broader strategy to help finance the transition to lower-carbon economies."
For every megawatt of solar power SolarCity installs, the foundation makes a donation of light to one school in need. GivePower, and all those who support it, also helps provide resources to train local residents to install and maintain systems, and to gain and share knowledge with surrounding communities. Access to power allows schools to increase the number and type of classes they offer, attract and retain teachers, and access vast educational resources on the Internet.
To learn more about the GivePower Foundation, or to get involved, please visit www.givepowerfoundation.org.
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 makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
About Bank of America
Bank of America's commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.
* According to the United Nations Development Programme
This release contains forward-looking statements including, but not limited to, statements regarding future installations. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.