US Energy Department finalised $535 million loan guarantee for Solyndra

A story I wrote couple of days ago for NewNet online publication

11th September 2009

US Department of Energy has finalised a $535 million loan guarantee for Solyndra, Inc. on 4 September 2009, which manufactures innovative cylindrical solar photovoltaic panels that provide clean, renewable energy, according to the department's announcement.

The funding will finance construction of the first phase of the company's new manufacturing facility. Annual production of solar panels from the first phase is expected to provide energy which can power 24,000 homes a year or in another word, over the project's lifetime, the first phase facility could manufacture up to 7 gigawatts of solar panels, which can generate electricity equivalent to 3 or 4 coal fired power plants.

Vice President Biden said, 'the announcement today is part of the unprecedented investment this Administration is making in renewable energy and exactly what the Recovery Act is all about. By investing in the infrastructure and technology of the future, we are not only creating jobs today, but laying the foundation for long-term growth in the 21st century economy.'

Solyndra estimates the new plant will create 3,000 construction jobs initially, and lead to as many as 1,000 jobs once the facility opens. The Recovery Act is changing America's economy by making significant investments, creating sustainable jobs and transforming how America produces and uses energy.

'It is time to rev up the American innovation machine and reclaim our lead on clean energy,' said US

Secretary of Energy Steven Chu. 'This investment is part of a broad, aggressive effort to spark new industrial revolution that will put Americans to work, end our dependence on foreign oil and cut carbon pollution.'

Solyndra is the first recipient of a loan guarantee under the Recover Act and Title XVII of the Energy Policy Act of 2005.