Boxer Lauds Energy Department Loan Guarantee for Solar Plant in Fremont

Washington, DC – U.S. Senator Barbara Boxer (D-CA) today applauded U.S. Department of Energy (DOE) Secretary Steven Chu’s announcement that the agency has finalized a $535 million federal loan guarantee to Fremont-based Solyndra to build a large-scale manufacturing plant for its thin-film, tube-shaped solar panels.

Secretary Chu made the announcement today at Solyndra’s headquarters in Fremont, joined by Vice President Joe Biden via satellite.

Senator Boxer said, “I am so pleased that Secretary Chu has approved this loan guarantee to help build a state-of-the-art solar manufacturing plant in Fremont. This substantial investment will help create at least 3,000 construction jobs and 1,000 long-term jobs. This project clearly demonstrates that when we fight global warming we also increase economic growth, and it sends a signal to the rest of the world that America will be a leader in developing cutting-edge clean energy technologies.”

The loan guarantee was supported by the American Recovery and Reinvestment Act (ARRA). The Energy Department first offered the loan in March, pending Solyndra’s securing its portion of private financing.

Over the life of the project, the plant is expected to produce solar panels that will generate up to 15 gigawatts of clean, renewable electricity – which could avoid 300 million metric tons of carbon dioxide emissions.

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