Chairman of the Board, Bank of America and Former Chairman and CEO, DuPont
Under Holliday’s leadership, DuPont established a goal of achieving sustainable growth – increasing shareholder and societal value while simultaneously decreasing DuPont’s environmental footprint. As a result, DuPont has shifted from being a chemical company to being a science-based products and services company.
Mr. Holliday currently serves as an Executive in Residence at Vanderbilt University Business School and Chairman Emeritus of the Council on Competitiveness. Holliday previously served as Chairman of the World Business Council for Sustainable Development, The Business Council, Catalyst and the Society of the Chemical Industry – American Section. He is a member of the Board of Directors of Deere & Company, Bank of America and CH2M HILL. Mr. Holliday holds an honorary doctorate from Polytechnic University of New York, is a member of the National Academy of Engineering and is a licensed professional engineer.
Statement on Project Amp and Government Loan Guarantee
Project Amp is a large-scale distributed solar generation project that will finance approximately $2.6 billion of commercial rooftop solar installations, producing 733 megawatts (MW) in 28 states across the country. More than sheer size, this deal is unique in several ways - it will be the first distributed solar deal to:
• Sell all of its power back to the grid through local utilities;
• Receive a credit rating and raise long-term debt; and
• Use a new, repeatable financing structure developed by Bank of America that can foster subsequent ‘gigawatt-scale’ solar projects.
Taken together, these “firsts” are bringing down technology costs and changing the way the market views solar power.
But none of this would have been possible without the help of the federal government. By backing the deal with a partial loan guarantee - which lowered the project’s overall financial risks - the government enabled us to put this transformative deal together in what has been a fragmented and underserved segment of the energy market. Moreover, with the government’s help, we were able to finance the project almost exclusively with private sector capital. Each $1 set aside by the DOE to cover the guarantee will support roughly $20 in private investment in clean energy development.
Although there were some challenges early in the process, this project demonstrates how small actions by the public sector can catalyze significant private-sector investment.