Second copy for NewNet
11th September 2009
US Energy Department has confirmed to provide millions of loans guarantees for Solyndra, Inc., which will help create new jobs and boost national economy.
The Recovery Act – a $535 million loan guarantee finalised by the Department will assist create 3,000 construction jobs initially, and lead to 1,000 jobs once the facility opens.
The founding will manufacture innovative cylindrical solar photovoltaic panels that provide clean, renewable energy, and 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.
The 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.'
'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.'
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