DOE Offers $4.5 Billion In Loans To Boost California Solar Power

In another boost for the solar power boom in Southern California, the U.S. Department of Energy said Thursday that it is offering up nearly $4.5 billion in loans, for three, California photovoltaic solar power plant projects. The loans, announced by U.S. Energy Secretary Steven Chu this morning, will provide a $680 million loan guarantee to the Antelope Valley Solar Ranch 1 project, $1.88 billion in loans for the Desert Sunlight project in Riverside County, and $1.93 billion in loans for the Topaz Solar project in San Luis Obispo. The loans will go towards build out of those projects, all of which are being developed by solar panel maker First Solar. First Solar said it expects the projects to create 1,400 jobs in California at peak construction.