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Obama admin approves 2 solar loans worth $1B

September 29, 2011 • Business, National News


This artist rendering released by SolarReserve LLC shows what will be the Crescent Dunes Solar Energy Project, a solar generating facility, that is being constructed northwest of Tonopah, Nev., in Nye County. Energy Secretary Steven Chu said Wednesday, Sept. 28, 2011, the department has completed a $737 million loan guarantee to Tonopah Solar Energy, for a 110 megawatt solar tower on federal land near Tonopah. SolarReserve LLC, of Santa Monica, Calif., is the parent company for Tonopah Solar Energy. (AP Photo/SolarReserve)

WASHINGTON (AP) — The Energy Department on Wednesday approved two loan guarantees worth more than $1 billion for solar energy projects in Nevada and Arizona, two days before the expiration date of a program that has become a rallying cry for Republican critics of the Obama administration’s green energy program.

Energy Secretary Steven Chu said the department has completed a $737 million loan guarantee to Tonopah Solar Energy for a 110 megawatt solar tower on federal land near Tonopah, Nev., and a $337 million guarantee for Mesquite Solar 1 to develop a 150 megawatt solar plant near Phoenix.

The loans were approved under the same program that paid for a $528 million loan to Solyndra Inc., a California solar Login to read more

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