Last week, President Obama offered a strong show of support for domestic solar power with the offer of $2 billion in loan guarantees for large scale solar projects in the Western United States.
Abengoa Solar is the recipient of the first offer, $1.45 billion to help finance the construction and start-up of a concentrating solar power (CSP) plant in Arizona. Once operational, the “Solana” plant would add 250MW of electric capacity to the grid, enough to power 70,000 homes and reduce carbon dioxide emissions by 475,000 tons.
A loan of $400 million was also offered to Abound Solar Manufacturing to for the manufacture of thin-film cadmium telluride solar panels, the first time such manufacturing will be deployed anywhere in the world. When completed in 2013, the manufacturing plant will be capable of producing enough panels to support up to 840MW of new solar every year.