DOE Loan Progam Creates Jobs

The rush of green jobs that some experts have touted as the best hope for our economy are starting to trickle in, with a little help, in the form of loans and loan guarantees. from the U.S. Department of Energy (DOE).

The DOE’s Loan Programs Office administers various loan and loan guarantee programs to support the deployment of commercial technologies along with innovative technologies that avoid, reduce or sequester greenhouse gas emissions and the development of advanced vehicle technologies. Under these programs, DOE has issued loans, loan guarantees or offered conditional commitments for loan guarantees totaling over $30 billion to support 30 clean energy projects across the United States. The program’s 14 generation projects produce over 25 million megawatt-hours annually, enough to power over two million homes. To date, the program has committed over $8 billion in loan guarantees to solar generation projects.

Most recently, on June 2, the DOE announced the offer of a conditional commitment for a $45.6 million loan guarantee by the Department of Energy to support a 20 megawatt AC photovoltaic (PV) solar generating facility. The project, sponsored by Fotowatio Renewable Ventures, Inc., is being supported by DOE with funding from the 2009 Recovery Act. It will be developed approximately 25 miles northeast of Las Vegas, and the project’s sponsor estimates it will create 250 jobs at peak construction.

“Today’s announcement is yet another sign that Nevada is a major player in the growing solar industry,” said Secretary Chu. “Investments like this one, along with the many other clean energy projects underway in the state, will help us to create jobs while positioning the U.S. to lead in the global energy race.”