Home: Renewable Energy News: Oregon Solar Panel Maker Scores $197 Million Loan Guarantee

Renewable Energy News

TUESDAY 22 FEBRUARY, 2011 |

Oregon Solar Panel Maker Scores $197 Million Loan Guarantee

by Energy Matters

Solar Power - Steven Chu Department of Energy

The US Department of Energy’s (DOE) Loans Program Office is fast becoming the world’s leading green bank, guaranteeing $26 billion in loans for 23 separate clean and renewable energy projects across the continental USA - creating and securing over 58,000 jobs throughout 19 states in the process.

It's an impressive achievement for a bureaucracy - particularly in America, where government intrusion into the private sector is at times unwelcome. Part of the USA’s Recovery Act response to the global financial crisis, the DOE’s loan guarantee fund has bankrolled enough clean energy to power 3.5 million homes, over 41 million megawatt-hours of green power.

Additional DoE-supported projects include two of the world’s largest solar thermal projects, two geothermal projects and the world’s largest wind farm.

The latest project to receive Department of Energy backing is a thin film-solar panel manufacturing plant in Oregon. A $197 million conditional loan guarantee has been granted to SoloPower Inc’s Wilsonville facility, which takes flexible stainless steel sheeting, deposits copper, indium, gallium and selenide (CIGS) and turns each sheet into flexible solar panels. This approach improves panel size and weight, ease of installation, and reduces mounting hardware.

Energy Secretary Steven Chu announced the SoloPower loan and welcomed the estimated 770 jobs it would help create. He also acknowledged the importance of the renewable energy to America’s future as a global economic powerhouse.

"Investments like these are going to help America become a world leader again in clean energy manufacturing," said Secretary Chu. "This Recovery Act funded project is going to create jobs in Oregon while generating a clean source of renewable energy."