First Solar Awarded Largest Loan Guarantee Program
First Solar has recently received some major funding from the US Government. The US Department of Energy announced on Thursday three loan guarantee offerings, totaling about $3.73 billion for First Solar’s three photovoltaic power plants in California. These three loans make First Solar the largest solar beneficiary of a federal renewable energy loan guarantee program.
Recently, First Solar has devoted a great deal of time and money to becoming a solar farm developer. This company is said to receive a guarantee for a $680 million loan for the 230 MW Antelope Valley Solar Ranch 1 project, partial guarantees for $1.88 billion in loans for the 550 MW Desert Sunlight project and partial guarantees for $1.93 billion in loans for the 550 MW Topaz Solar project. Electricity from these projects will go to utilities Pacific Gas and Electric Co and Southern California Edison, says Gigaom.
Ted Meyer, vice president of corporate communications at First Solar, says the $680 million loan guarantee for Antelope Valley Solar will translate into a loan of the same amount from the Treasury-run Federal Financing Bank, says Gigaom. First Solar will be using its cadmium-telluride solar panels for all of the solar farms and it will also be overseeing their construction.
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These three loan guarantees are a huge step forward for First Solar who is now proud to be the biggest recipient of the loan guarantee program. This loan guarantee program was created by Congress through the 2009 stimulus package in an effort to boost job creation and clean power generation. So far, the program has offered more than $16 billion guarantees for 15 solar power generation projects. For example, just last week the DOE announced a guarantee for up to $1.12 billion for the country’s largest rooftop solar project.