President Obama Commits $2 billion for Two Solar Companies
Source/Type: News - Staff reports

Author: CompoundSemi News Staff

July 5, 2010... As part of the $2.3 pledged for Solar Projects back in January, President Obama announced on his weekly video address that the U.S. Department of Energy has offered the conditional commitment of $1.45 billion loan guarantee to Abengoa Solar Inc. The President also announced the conditional commitment of $400 million loan guarantee to Abound Solar. Abengoa Solar, a company based in Spain with offices in Denver, Colorado, will reportedly use the money for the construction of the largest concentrating solar power plant in Arizona (70 miles southwest of Phoenix).

The plant will be able to supply 250MW of power and will have reportedly have 6 hours of molten salt thermal energy storage to generate electricity well into the evening to help meet the summer peak demand. Obama said that the money would help generate 1500 to 2000 permanent jobs. Abound Solar will reportedly use the funding to expand its operations in Longmont, Colorado and purchase of the empty Chrysler Getrag facility in Indiana to produce CdTe-based thin-film solar cells.

“After years of watching companies build things and create jobs overseas, it’s good news that we’ve attracted a company to our shores to build a plant and create jobs here in America," said President Obama.

Colorado's Governor Bill Ritter said, “Abound is already a job-creation engine in Colorado and this Recovery Act loan guarantee will translate to more jobs, cleaner energy and bolster our standing as a hub of clean energy entrepreneurialism.”

See the Current Industry News Summary
See this article in its orginal context, with the other current news from the same week