Recovery Act Gives Solar Industry Big Boost In Colorado
Governor Bill Ritter congratulated Loveland-based Abound Solar for securing a $400 million Recovery Act loan guarantee for manufacturing state-of-the-art thin-film solar panels.
The commitment was one of two Colorado-linked conditional loan guarantees announced today by President Obama to support job-creation, innovation and investment in renewable energy.
“Abound Solar is a New Energy Economy success story. I congratulate this innovative company on winning such significant support from the Department of Energy,” Gov. Ritter said. “Abound is already a job-creation engine in Colorado and this Recovery Act loan guarantee will translate to more jobs, cleaner energy and bolster our standing as a hub of clean energy entrepreneurialism.”
Abengoa Solar, with its U.S. headquarters in Lakewood, won a conditional commitment for a $1.45 billion loan guarantee to finance the construction and start-up of a concentrating solar power generating facility in Arizona.
The plant will supply 250 megawatts of power to the electrical grid using parabolic trough solar collectors and a new six-hour thermal energy storage system—the first of its kind in the country.
For Abound, the loan guarantee will mark the first time its technology is deployed commercially anywhere in the world. The project includes two facilities: its manufacturing plant in Longmont and another in Tipton, Indiana.
The Indiana facility will occupy a new factory originally constructed for a Chrysler auto parts supplier that was never able to move in due to the economic downturn.
When fully operational, the company will produce millions of solar panels annually. The panels can be produced at a lower cost than crystalline silicon modules and emit less greenhouse gas emissions compared to existing solar panel manufacturers.
The project’s initial annual production of panels will be able to produce 840 megawatts (MW) of power. With future panel efficiency improvements, that number could increase up to 1,100 MW. The project is expected to reach full capacity by 2013.
Abengoa’s Arizona project will supply clean electric power to approximately 70,000 homes while avoiding more than 475,000 tons of greenhouse gases.
The project will employ solar trough technology using parabolic shaped glass mirrors that direct sunlight onto receiver tubes that heat the fluid inside to over 700 degrees Fahrenheit.
The heat is then used to turn steam turbines. The project also includes a thermal energy storage system that will allow production of electricity after the sun has set, coinciding with times of peak demand.
Topics: Abengoa Solar, Abound Solar, America, American Recovery and Reinvestment Act, ARRA, business, CHFA, clean energy, Colorado, community grants, Department of Local Affairs, DOLA, economic development, economic growth, economic recovery, Economy, employment, energy, energy efficiency, environment, Governance, government, Governor Bill Ritter, green, investment, jobs, Loveland, moniter, monitor, news, recession, renewable energy, rural, society, solar energy, solar panels, sustainable future, U.S., United States
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