Energy Department Approves $1B in Solar Energy Loan Guarantees

Just wait until you see how many jobs this will produce (below)


The Energy Department announced Wednesday that is has finalized more than $1 billion in loan guarantees for two separate solar energy projects.

The decision comes several weeks after Solyndra, a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009, filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.

DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve

The Energy Department said the project will result in 600 construction jobs and 45 permanent jobs.

The Crescent Dunes facility will generate power using concentrated solar power technology, in which a series of mirrors direct sunlight onto a receiver at the center of the plant.

The Energy Department also announced that it had finalized a separate $337 million loan guarantee to Sempra Energy for a 150-megawatt photovoltaic solar-generation project in Arizona.

The project will result in 300 construction jobs, DOE said