Obama Annouces $2 Billion for Solar Companies

During his weekly address to the nation,US President Obama announced $2 billion to be invested in solarcompanies Abengoa Solar Inc.and Abound SolarManufacturing.

Abengoa SolarInc., has been offered a conditional commitment of a $1.45 billionloan guarantee to build what will be one of the largest solar generation plants in the world near Gila Bend, Arizona. The project is expected to create 1,600 jobs, with over 85 %of those being permanent positions.

The solar thermal project , dubbed "Solana," will produce 280 megwatts of power.

Abengoa already has 7 completed and operational solar thermal andsolar concentrating electrical generation plants in the United States.

The second investment by the Department of Energy and announced byPresident Obama is a $400 million loan guarantee for Abound Solar Manufacturing to build two plants, one in Tipton, Indiana, the other in Longmont, Colorado, tomanufacture state-of-the-art thin-film solar panels.

Download a White House PDF fact sheet on the $2 billion investment in solar energy here.

A full transcript of the President’s weekly address can be foundhere: President Obama Touts Nearly $2 Billion in New Investments to HelpBuild a Clean Energy Economy

Original Article on EnergyBoom


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