U.S. Department of Energy agreed a $535m loan guarantee for Fremont, CA.-based Solyndra, which manufactures innovative cylindrical solar photovoltaic panels that provide clean and renewable energy.
Funded under the Recovery Act, the loan will finance construction of the first phase of the company’s second manufacturing facility located near its current manufacturing facility in Fremont.
The plant is designed to produce 500 megawatts per year and will enable Solyndra to fulfill its contractual backlog of over $2bn and create additional jobs. The company estimates the new plant will initially create 3,000 construction jobs, and lead to as many as 1,000 jobs once the facility opens while hundreds more will install company’s solar panels on rooftops around the country.
Solyndra’s two facilities will produce enough solar panels over their lifetime to cut over 350 million metric tons of CO2 emissions or 850 million barrels of oil.
Commenting on the funding, Solyndra CEO and founder, Dr. Chris Gronet was reported as saying: “The economy needs clean tech alternatives to help it recover, but our planet requires clean tech solutions in order to survive.
“The new plant will allow us to meet customer demand while making a positive impact on the world’s energy and environmental needs. We are grateful for the vision and support of President Barack Obama, the U.S. Department of Energy, the U.S. Congress, and our investors”.