Hill Heat

From the Department of Energy, Energy Secretary Steven Chu today offered a $535 million loan guarantee for Solyndra, Inc. to support the company’s construction of a commercial-scale manufacturing plant for its proprietary cylindrical solar photovoltaic panels. The loan guarantee is conditional on Solyndra satisfying equity commitments. Announcing his first loan guarantee, Chu said:

This investment is part of President Obama’s aggressive strategy to put Americans back to work and reduce our dependence on foreign oil by developing clean, renewable sources of energy. We can create millions of new, good paying jobs that can’t be outsourced. Instead of relying on imports from other countries to meet our energy needs, we’ll rely on America’s innovation, America’s resources, and America’s workers.

Based in Fremont, CA, Solyndra is currently ramping up production in its initial manufacturing facilities. Once finalized, the DOE loan guarantee will enable the company to build and operate its manufacturing processes at full commercial scale.

Solyndra estimates that:

• The construction of this complex will employ approximately 3,000 people.
• The operation of the facility will create over 1,000 jobs in the United States.
• The installation of these panels will create hundreds of additional jobs in the United States.
• The commercialization of this technology is expected to then be duplicated in multiple other manufacturing facilities.

Secretary Chu initially set a target to have the first conditional commitments out by May.