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Obama Kick-Starts US Solar Industry WIth $2 Billion Investment

Posted By Timon Singh On July 5, 2010 @ 3:30 pm In Renewable Energy,Solar Power | 1 Comment

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President Obama recently announced that two of America’s most established solar companies are set to receive up to $2 billion in loan guarantees in order to ‘kick-start’ the US solar industry. The plan will provide Abengoa Solar [1] and Abound Solar Manufacturing [2] with the massive investment in order to fund their expansive projects, both of which could drastically change how solar energy is used in the US. Abengoa Solar, for example, has plans to construct the largest solar power plant in the world in Arizona, capable of powering 70,000 homes and drastically cutting CO2 emissions.

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Known as the Solana project [3], Abengoa Solar’s Arizona plant has a projected area of 1,900 acres. By using thermal storage-equipped parabolic trough technology, it would have a power output of 280MW. It would also create 1,500 new jobs during the site’s construction, with 100 staff positions remaining for its operation.

Abound Solar Manufacturing [2], on the other hand, would puts its money into state-of-the-art thin film solar panels, making it the first time the technology has been used commercially. Investment in Abound would see plants built in Colorado and Indiana, creating 2,000 construction jobs and 1,500 permanent jobs.

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President Obama’s green credentials have long been established [4], despite him greenlighting offshore drilling, and in recent months he has tried to follow through on his election promises of creating manufacturing and construction jobs in the green power industry.

Speaking the day before Independence Day, President Obama said, “We’re going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America.”

+ Abengoa Solar [1]

+ Abound Solar Manufacturing [2]

Via BBC News [5]


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URL to article: http://inhabitat.com/obama-kick-starts-us-solar-industry-with-2-billion-investment/

URLs in this post:

[1] Abengoa Solar: http://www.abengoa.com/corp/web/en/index2.html

[2] Abound Solar Manufacturing: http://www.abound.com/

[3] the Solana project: http://inhabitat.com/2008/02/25/world%E2%80%99s-largest-solar-power-plant-coming-to-arizona-in-2011/

[4] President Obama’s green credentials have long been established: http://inhabitat.com/2010/06/16/obama-condemns-bp-says-us-should-seize-the-moment-to-be-green/

[5] BBC News: http://news.bbc.co.uk/1/hi/world/us_and_canada/10500164.stm

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