The Associated Press: DOE approves loan support for solar plant - 0 views
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Energy Net on 23 Mar 09The government announced approval Friday of the first loan guarantee for an energy project under a program that Congress approved four years ago, only to see it hamstrung by years of delay. Energy Secretary Steven Chu vowed as one of his top priorities to revamp and speed up the loan guarantee program, promising to cut the time it takes to review applications, many of which have been on file at the department for a year or more. On Friday, Chu announced approval of a $535 million loan guarantee to Solyndra Inc., a company in Freemont, Calif., that makes solar panels for commercial buildings. The company said the government guarantee will cover debt financing for 73 percent of the cost of a second manufacturing plant in Freemont.