California solar company to get federal backing
WASHINGTON — A California company that makes solar panels will receive a $535 million federal loan guarantee, allowing it to complete the first phase of a new manufacturing plant in Fremont.
The expansion is expected to create up to 3,000 construction jobs and 1,000 long-term jobs.
The loan guarantee for Solyndra Inc. is the first issued by the U.S. Department of Energy since the 1980s and will be part of the $787 billion stimulus package.
Vice President Joe Biden will make the announcement Friday, said a federal official who was not authorized to discuss the loan publicly before the announcement. The guarantee means the government has to repay the loan if the company cannot.
The solar panels built at the plant will provide enough energy to power about 24,000 homes a year. Officials said hundreds of jobs will be created as the solar panels are installed on rooftops around the country.
Biden will make the announcement via satellite Friday morning, as Energy Secretary Steven Chu and California Gov. Arnold Schwarzenegger visit the plant.
“This funding is great news for Fremont and California because the project will create thousands of jobs, stimulate our economy and move us closer to our clean energy goals,” Schwarzenegger said in a statement to The Associated Press.
The news is welcome for the city of 215,000, which sits on the eastern edge of San Francisco Bay near Silicon Valley.
Fremont was stung recently with the announcement by Toyota Motor Corp. that it was shutting a plant it ran with General Motors Corp. for 25 years. Under the decision, Toyota will stop production at the New United Motor Manufacturing Inc. plant in March 2010, moving production to its other plants in the U.S., Canada and Japan.
The plant employs about 4,600 workers.
The first phase of the Solyndra facility could lead to the production of as many new solar panels as the U.S. produced in all of 2005. Those panels can generate as much electricity as three coal-fired power plants, the Department of Energy official said.
Related News
USEC says 1,000 jobs lost over delays for loan guarantees for Ohio uranium-enrichment plantSeptember 30th, 2009 1,000 jobs lost at uranium enrichment plantBETHESDA, Md. — USEC Inc.
NRG Energy selected to develop Houston solar farm, agreement goes to city councilSeptember 25th, 2009 NRG to develop planned Houston solar farmHOUSTON — The Houston City Council will consider the city's selection of NRG Energy Inc. to develop a solar farm that could produce enough energy to handle 6 percent of the city's annual power consumption.
Solyndra begins building second solar plant using $535M federal loanSeptember 4th, 2009 Solyndra begins building second solar plantFREMONT, Calif. — Solyndra Inc.
Fluor wins engineering contract to design solar power plant for eSolar, value not disclosedAugust 26th, 2009 Fluor wins contract to design solar power plantIRVING, Texas — Fluor Corp. said Tuesday it won an engineering contract to design a solar power plant for eSolar Inc.
Government agrees to delay final review of loan guarantee application for Ohio uranium plantAugust 5th, 2009 More time given to developer of Ohio uranium plantPIKETON, Ohio — A week after saying it wouldn't guarantee a loan for the project, the Obama administration is now offering more time to a company planning a uranium enrichment plant in southern Ohio. The Department of Energy said Tuesday it will hold off a final review of the application from Bethesda, Md.-based USEC (YOO'-sehk) Inc.
Astonfield-Areva to develop 100 MW biomass assets in IndiaJuly 29th, 2009 KOLKATA - The US-based Astonfield Renewable Resources Limited has set its eyes on non-conventional energy generation in India by exploiting offshore wind, tidal and concentrated solar energy resources, a top company official said here Wednesday. "We're very interested to explore offshore wind, tidal energy and solar thermal to generate renewable power in India," Astonfield Management Inc co-chairman and director Sourabh Sen said.
USEC suspends work on Ohio uranium plant after the Dept. of Energy denies loan guaranteeJuly 28th, 2009 USEC denied loan guarantee to finish uranium plantBETHESDA, Md. — USEC says the Department of Energy has denied its application for a $2 billion loan guarantee to complete the construction of an Ohio uranium enrichment plant.
Company says it suspends work on Ohio uranium plant because US govt. denied loan guaranteeJuly 28th, 2009 Company suspends work on Ohio uranium plantCOLUMBUS, Ohio — A company said Tuesday it is suspending construction on a uranium enrichment plant in southern Ohio because the federal government would not grant a $2 billion loan guarantee. In a statement, USEC Inc.
Belgian regional government to give local Volvo plant a euro198 million loan guaranteeJuly 24th, 2009 Volvo to get euro198 mn loan guaranteeBRUSSELS — Belgium's Flemish regional government on Friday said it was ready to give Ford Motor Co. subsidiary Volvo Car Corp.
Mass. company gets $43 million loan guarantee from US for flywheel energy storage in NYJuly 3rd, 2009 Mass. firm gets loan for NY energy storage systemTYNGSBORO, Mass. — A Massachusetts company says the federal government has approved a $43 million loan guarantee to help finance a 20-megawatt energy storage system for New York's electrical grid.
Hiring underway at Evergreen Solar's $55 million Midland plant for making solar panel partsJune 16th, 2009 Hiring underway at Midland solar panel plantMIDLAND, Mich. — Hiring is underway at Evergreen Solar Inc.'s new $55 million plant in Midland, which will make silicon components for solar panels.
For 3rd time, auto union rejects contract aiming to keep NY parts plant from shutting downMay 30th, 2009 Union rejects bid again to keep NY plant openEAST SYRACUSE, N.Y. — Members of a United Auto Workers union have rejected a contract aimed at saving a suburban Syracuse plant from closing.
Will 3rd time be a charm? Auto union to vote again on contract in bid to keep NY plant openMay 30th, 2009 Union bids again to keep NY plant openEAST SYRACUSE, N.Y. — Members of a New York United Auto Workers union are voting for a third time to try to save a suburban Syracuse parts plant from closing.
First Solar 1Q profit triples despite tightened bank lendingApril 29th, 2009 First Solar 1Q profit triplesNEW YORK — First Solar Inc., the nation's largest solar panel maker, says its profit more than tripled in the first quarter despite tightened bank lending that has made it tough to fill orders. The Tempe, Ariz.-based company reported Wednesday it earned $164.6 million, or $1.99 per share, in the first quarter, compared with $46.6 million, or 57 cents per share, for the same period last year.
Obama's first trade mission to India is on solar powerMarch 24th, 2009 NEW DELHI - The new administration of US President Barack Obama has sent its first trade mission to India, and it's on solar energy. 'It shows how energy is becoming the focal point in the US-India relationship,' a US government official said here Monday.
Loading ...