DoE offers billions in loan guarantees

Friday, September 30, 2011 @ 02:09 PM
posted by rene5432

The U.S. Department of Energy has proven largely unfazed by the recent scandal surrounding the collapse of solar power system manufacturer Solyndra. On Friday, September 30, the DoE completed two loan guarantees each worth more than $1 billion.

In late August, California-based Solyndra filed for bankruptcy, potentially putting the federal government on the hook for as much as $535 million. The company's sudden failure raised questions in Congress about the process by which loan guarantees were being distributed and some legislators called for a halt to the program.

The DoE has steadfastly ignored its critics, sealing an even larger deal on Friday by offering a $1.237 billion loan guarantee for the California Valley Solar Ranch Project of SunPower. The major solar installation hopes to provide San Luis Obispo County with 250 megawatts of solar capacity.

Before that the DoE offered a $1.4 billion loan guarantee for Project Amp, which looks to add 752 megawatts of solar panels to rooftops managed by Prologis across 28 states and the District of Columbia. Project Amp would be the largest rooftop solar project in the country.

"If we want to be a player in the global clean energy race, we must continue to invest in innovative technology that enable commercial-scale deployment of clean, renewable power like solar," Energy Secretary Steven Chu said in a statement.

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