Click here for linkThe Department of Energy will announce later today that it has finalized a $646 million loan guarantee that will help fund a new solar generation facility in California. DOE estimates that the project will create 350 (temporary) construction jobs and 20 (permanent) operations jobs. As some simple math reveals, that works out to $32 million in taxpayer backing for every permanent job created. From the release:
Washington D.C. – Energy Secretary Steven Chu announced today that the Department finalized a $646 million loan guarantee to AV Solar Ranch 1, LLC. The loan guarantee will support the Antelope Valley Solar Ranch 1 Project, a 230 megawatt (MW) alternating current Cadmium Telluride (Cd-Te) thin film photovoltaic (PV) solar generation facility that will be located in Antelope Valley in North Los Angeles County, California. The project, recently acquired by Exelon Corporation, is anticipated to fund 350 construction jobs and 20 operations jobs.
“Innovation and investments in America’s clean energy future are critical to our continued competiveness in the global market,” said Secretary Chu. “Solar generation facilities, like the Antelope Valley Solar Ranch, helps make solar power more reliable and cost effective, supplies clean energy to local utilities, and funds hundreds of new jobs in the region.”
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