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•           Energy Department to back Solyndra
•           Solar manufacturing plant may employ 3,000 in Fremont

Solyndra Inc., a Fremont company that designs and manufactures photovoltaic systems, is getting the backing of Uncle Sam to expand its operations, adding as many as 3,000 jobs. The U.S. Department of Energy says it will offer a $535 million loan guarantee to Solyndra. Solyndra says it will use the money to build and operate a commercial-scale facility to manufacture the next generation of rooftop solar systems.

The operation is expected to generate at least 3,000 clean energy jobs in an area whose largest employer – the auto manufacturing plant NUMMI – is expected to shut down by next spring.
“This is a major milestone for California’s solar industry,” says U.S. Sen. Dianne Feinstein, D-Calif. “This federal loan guarantee of $535 million will enable Solyndra to secure affordable financing – at a time when credit is extremely tight. And it will ultimately help make it more affordable for more Americans to power their homes and buildings through solar energy.” Solyndra’s proprietary design transforms cylindrical glass tubes into a low-cost and efficient solar photovoltaic rooftop system. The new plant is expected to produce enough panels to generate 15 gigawatts of renewable energy, thereby reducing carbon dioxide emissions by 300 million metric tons.

The company was selected by the Department of Energy through a competitive bidding process in which at least 60 companies applied. Before the Department of Energy could finalize the loan guarantee, Solyndra was required to secure 20 percent of the project's loan financing from other sources. The federal loan guarantee program was designed to support innovative technologies and was established by Congress in Title 17 of the Energy Policy Act of 2005. Congress expanded this program in the stimulus bill to infuse additional credit into the clean energy economy. Solyndra will be the first-ever recipient of the Title 17 energy loan guarantee program.

http://www.centralvalleybusinesstimes.com/stories/001/?ID=12993