WASHINGTON, Sept. 4 (UPI) -- The U.S. Energy Department finalized a $535 loan million guarantee for a California manufacturer of solar electric panels, Vice President Joe Biden said.
The funding for Solyndra Inc. of Fremont, Calif., will finance construction of the company's new manufacturing facility, Biden said via a satellite feed to the facility from Washington.
"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 economy," Biden said.
Solar panels from the first phase were expected to provide the energy equivalent to power 24,000 homes a year, or more than a half-million homes over the project's lifetime, Biden said in a news release.
Solyndra officials estimated the new plant will create 3,000 construction jobs initially and up to 1,000 jobs once the facility opens.
Solyndra is the first recipient of a loan guarantee under the American Reinvestment and Recovery Act and Title XVII of the Energy Policy Act of 2005, White House officials said.
