DOE awards first clean energy loan guarantee in four years

After a four-year-long freeze on loan guarantees for renewable energy programs, the Department of Energy has finally issued one to lucky Solyndra, Inc.

The solar company will use the $535 million guarantee to expand its photovoltaic production. The company specializes in solar panels that can lay flat on rooftops instead of at an angle, allowing greater roof coverage. The money, which will cover 75 percent of the cost of the expansion, will also allow the creation of new construction, manufacturing and installation jobs.

The guarantee still has to pass final approval, but once production begins, the resulting solar PVs will be able to generate 15 GW of power and prevent 300 million metric tons of CO2 emissions.

Since projects like this fulfill the administration's goal of producing more renewable energy and more jobs, the DOE is scurrying to get dozens of additional loan guarantees approved in the next few weeks.

http://green.yahoo.com/blog/ecogeek/1016/doe-awards-first-clean-energy-loan-guarantee-in-four-years.html