US Recovery Act Agrees a $535M Loan Guarantee for Solar Panel Manafacturer
Summary
U.S. Department of Energy agreed a $535m loan guarantee for Fremont, CA.-based Solyndra, which manufactures innovative cylindrical solar photovoltaic panels that provide clean and renewable energy.The plant is designed to produce 500 megawatts per year and will enable Solyndra to fulfill its contractual backlog of over $2bn and create additional jobs.Commenting on the funding, Solyndra CEO and founder, Dr. Chris Gronet was reported as saying: “The economy needs clean tech alternatives to help it recover, but our planet requires clean tech solutions in order to survive.“The new plant will allow us to meet customer demand while making a positive impact on the world’s energy and environmental needs.We are grateful for the vision and support of President Barack Obama, the U.S. Department of Energy, the U.S. Congress, and our investors”.