Vice President Joe Biden, Gov. Arnold Schwarzenegger and U.S. Department of Secretary Steven Chu Friday announced the federal government has finalized a $535 million loan guarantee for a Fremont solar company.
The money, which is the first loan guarantee available through President Obama's Recovery and Reinvestment Act, will finance construction of the first phase of Solyndra Inc.'s new manufacturing facility, according to the governor's office.
About 3,000 construction jobs will be created through the project, and eventually about 1,000 direct and indirect workers will be employed as well.
In addition, the facility, which manufactures cylindrical solar photovoltaic panels, will provide enough clean renewable energy to power 24,000 homes a year through the first phase of production, according to the governor's office.
"We have adopted policies in California that have driven demand for solar and other renewable technologies, and our businesses and entrepreneurs are rising to the challenge," Schwarzenegger said in a prepared statement.
"Projects like this are exactly why I supported President Obama's Recovery Act -- because this funding will create thousands of jobs, stimulate our economy and move us closer to our clean energy goals," he said.
Schwarzenegger Friday also called on the California Legislature to pass AB 1111, a measure that would exempt manufacturing equipment for eligible clean technology companies such as Solyndra from sales tax.
Biden helped Chu and Schwarzenegger make the announcement via satellite from Washington, D.C.
"This announcement today is part of the unprecedented investment this Administration is making in renewable energy and exactly what the Recovery Act is all about," Biden said in a statement.
"By investing in the infrastructure and technology of the future, we are not only creating jobs today, but laying the foundation for long-term growth in the 21st century."