The government will grant 1.4 billion in loan guarantees for the construction of the 250 MW Solana concentrating solar power plant and another 400 million for two cadmium thin film PV panel manufacturing lines.

The US Department of Energy (DOE) has assigned about $2 billion in loan guarantees for two solar projects. The first project, the 250 MW Solana concentrating solar power plant, was proposed by Albengoa Solar in Arizona. Under the second project, Abound Solar will build a factory that will yield thin film photovoltaic modules.

The announcement was made by President Barack Obama, who emphasized that these two projects could create some 3,600 new construction jobs and 1,600 stable jobs when fully operational. Obama said that the US will «accelerate the transition to a clean energy economy and double the use of renewable energy sources, which have the potential to create whole new industries and hundreds of thousands of new jobs