Energy Dept. to Give Loan Guarantee to Calif. Solar Company in City Hit by Auto Plant Closing
By Kevin Freking on September 3, 2009
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.
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