The plant would employ thousands of people and is part of U.S. President Barack Obama's plan to create new jobs.
The loan guarantee will be supported through the American Recovery and Reinvestment Act.
California-based Solyndra's photovoltaic systems are designed to be economical and are designed for use on commercial, industrial and institutional rooftops.
Solyndra's solar panel design converts glass tubes into photovoltaic panels. In addition to creating jobs both in the construction and operation of the plant and the installation of the panels, the plant will help the United States reduce its greenhouse-gas emissions.