Solar Industry: Department of Energy Announces First Energy Loan Guarantee
The Department of Energy has announced the first energy loan guarantee—$535 million for construction of a plant in California to manufacture solar panels.
Energy Secretary Steven Chu offered a $535 million loan guarantee for Solyndra, Inc. to support the company’s construction of a commercial-scale manufacturing plant for solar photovoltaic panels. The company expects to create thousands of new American jobs through construction of its products.
The investment is part of the Obama Administration’s aggressive strategy to put Americans back to work and transform the way America uses and produces energy.
Energy and Natural Resources Committee Chairman Jeff Bingaman (D-NM) views this milestone as a positive sign that the culture is changing at the Department of Energy.
"This news is especially welcome at a time when our nation’s economic problems have made it so difficult for companies to find financing for clean energy projects," Sen. Bingaman said in a statement.