Mustang
Gold Member
I thought that people might like to know how some of the stimulus money is being spent. You know...winning the future?
The U.S. Department of Energy said on Wednesday it's offering a partial guarantee for a $1.4 billion loan that will fund Project Amp, which will erect solar panels on hundreds of rooftops around the country. The project is the largest rooftop solar plan in the country.
Through a loan guarantee, the government promises to repay the loan if the borrower can't. The DOE didn't specify how much of the $1.4 billion loan for Project Amp it is guaranteeing. The FIPP program allows the DOE to back 80 percent of a loan. FIPP focuses on backing projects that use more mature technologies, and it relies on private investors to secure the loans. In another part of the loan guarantee program, the government will provide the loans as well, through the Federal Financing Bank.
Project Amp will be carried out in phases. NRG Energy is the lead investor in the first phase, which will include a 15.4 MW array in Southern California. Southern California Edison will buy power from phase 1 of the project, which could add solar in as many as 28 states and the District of Columbia. Construction of the 15.4 MW project will begin before Sept. 30 this year.
In addition to the loan guarantee for Project Amp, the DOE has backed large solar farms in other regions of California and other southwestern states. Those projects include a 500 MW solar farm (part of a 1,000 MW project) by Solar Trust Of America, which held a ground breaking ceremony for the project in California last week. Another one under construction is a 392 MW plant in California by BrightSource Energy.
Amp Is Largest Solar Rooftop Project In America