In the wake of the Solyndra scandal, the Obama administration approves 2 new solar loans worth a billion dollars:
Days before the expiration of its loan program, the Department of Energy, under fire for backing more than a half-billion dollars in loans to now-bankrupt solar panel maker Solyndra LLC, announced Wednesday more than $1 billion in new loan guarantees for other solar projects in Nevada and Arizona.
Citing a need to invest in “innovative technologies,” Energy Secretary Steven Chu said a $737 million loan guarantee to Tonopah Solar Energy for a first-of-its kind solar tower in Nevada — to be taller than the Washington Monument — would produce electricity for about 43,000 homes.
“If we want to be a player in the global clean energy race, we must continue to invest in innovative technologies that enable commercial-scale deployment of clean, renewable power like solar,” Mr. Chu said. The Energy Department also announced a $337 million loan guarantee to Sempra Energy for a solar generation project in Arizona.
The awards come eight days after Republican lawmakers wrote to Mr. Chu expressing concern about whether a rush to meet deadlines would result in officials approving loan guarantee deals before they have been fully vetted.
The piece goes on to state that another 5 billion dollars will be loaned in the next 48 hours before the stimulus inspired funding dries up but we shouldn't worry as administration officials are quoted as saying that all loan applications are carefully vetted.