The U.S. Department of Energy (DOE), under the Energy Policy Act of 2005, has given it first loan guarantee to Solyndra Inc. This loan will be used by the company, known for its cylindrical solar photovoltaic (PV) systems, to expand its solar panel manufacturing capacity in California.
Dr. Chris Gronet Solyndra's CEO and founder said that the loan will help Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates. This will in turn help create new jobs and at the same time mitigate global warming.
Solyndra will use the loan to start construction of its new fabricating plant (Fab 2). Once competed the plant will deliver PV panels having a total generating capacity of 500 megawatts each year.
Fab 2 is expected to produce solar panels sufficient to generate up to 15 gigawatts of renewable energy over its life span. This will help avoid the emission of 300 million metric tons of carbon dioxide.
The company said that the construction of this complex will employ approximately 3,000 people and that the operation of the facility will create over 1,000 jobs. Solyndra and DOE will finalize the transaction by completing paperwork and making sure that the company meets all requirements for the loan.
Source: Renewable Energy World
Wednesday, March 25, 2009
Solyndra Receives a US $535M DOE Loan
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