Solar companies get $1.85 billion in federal loan guarantees, Obama says

Two solar companies start the Independence Day weekend in a good mood after President Obama announced nearly two billion U.S. dollars in contingent liabilities in its weekly video address.

Obama said the move was an attempt to "accelerating the transition to a clean energy economy and a doubling of our use of renewable energy such as wind and solar power - steps that the potential for entirely new industries to create and hundreds of thousands new jobs in America. "Check out the full explanation.

The idea is to encourage other investors to cough up capital for the projects. Obama's announcement comes the day after a new jobs report from the Labor Department suggested that the labor market remains sluggish.

Colorado Solar Inc. abundance company got an offer for a $ 400-1000000 federal loan guarantee for manufacturing thin film photovoltaic solar panels on two new factories.
The effort is to more than 2,000 jobs suppoed construction and 1,500 permanent jobs at its Longmont, Colorado facility and Tipton, Ind., plant, which moves in an empty Chrysler plant.

Using the cadmium telluride semiconductor technology, has brought plenty of millions per year from the panels.

Spanish company Abengoa Solar Inc. received an offer for a $ 1.45 one billion federal loan guarantee to help build its 250-megawatt Solana net project. The installation, which the company will be the largest concentrating solar power plant in the world, will be 70 miles southwest of Phoenix. Last month the company announced a major plant in Abu Dhabi.

In a purchase agreement with power utility of the GSP, the facility will be able to deliver power to customers over a period of 30 years to be, even after dark and during cloudy periods with six hours of molten salt thermal energy storage capacity. With enough electricity to serve 70,000 households, the plant will prevent 475,000 tonnes of carbon dioxide emitted per year compared to a power plant that burns natural gas.

And on a patriotic note, the company estimates that construction will create 1,700 new jobs and an operation will spawn 85 permanent jobs. Three quarters of the building and equipment, such as steam boilers, heat exchangers, glass and steel, the country produced.
Santiago Seag chief executive said that the installation is already in an "advanced stage of development and permitting," having been admitted to the most relevant local, provincial and national governments.

The company is also working on a similar plant in the Mojave Desert.