Some welcome news from Washington, as President Obama announced Saturday that the federal government will provide nearly $2 billion in loan guarantees for new projects by two solar power companies.
As many as 5,000 green jobs will be created by the guarantees, which are to be covered by money from the $787 billion Recovery Act stimulus package.
Colorado-based Abengoa Solar, a division of Spanish renewable energy company Abengoa, will get $1.45 billion to help it build one of the largest solar generation plants in the world, near Gila Bend, Arizona. In the short term, construction will create 1,600 jobs.
Abound Solar Manufacturing, another Colorado-based company, will be awarded $400 million in loan guarantees to manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs.
Finally, a concrete step in the right direction by the Obama administration. Looking forward to many more to come.
Photo: Abengoa's PS10 solar tower plant outside Seville, Spain. (Denis Doyle/Getty Images)