Aid for Solar Firm Is First From 4-Year-Old Program
Date: 03/20/2009
Company: Solyndra
Source: The New York Times
The Energy Department has tentatively awarded its first alternative-energy loan guarantee, breaking a four-year logjam in the federal loan program.
The $535 million guarantee will go to Solyndra Inc., which said it would use the money to expand its production of photovoltaic panels at its facilities in Fremont, Calif. The company said the guarantee would cover about 75 percent of the project costs and would ultimately produce thousands of construction, manufacturing and installation jobs.
Once the panels are installed and producing power, the company said, they will generate up to 15 gigawatts of electricity and save 300 million metric tons of carbon dioxide emissions.
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