Solar power has become a powerful alternative to provide energy for all kinds of purposes, from our homes to our gadgets, from airplanes to spaceships. Green and clean tech in general have been surfacing as exciting areas of investment recently; Google recently invested $38 million in wind farms. As part of the explosion of Recovery Act projects this summer and as a move towards a clean energy future, the President Obama announces nearly $2 billion in conditional commitments to key solar companies.
President Obama announced the Department of Energy would be giving almost $2 billion in conditional funding to two solar energy companies, Abengoa Solar and Abound Solar Manufacturing. Money will come from the $863 billion economic stimulus package. Projects funded by this move are expected to create more than 5,000 construction jobs and permanent jobs.
Abengoa says that ‘Solana project’ will be the largest concentrating solar power plant in the world when it’s completed. The Arizona-based plant will produce enough energy to power 70,000 households and will save the environment from about 475,000 tons of CO2 each year. Most of the development and permitting for Solana is already complete, and the project has a green light from the Department of Energy (DOE), as well.
“These are just two of the many clean energy investments in the Recovery Act,” the President said. “Already, I’ve seen the payoff from these investments. I’ve seen once-shuttered factories humming with new workers who are building solar panels and wind turbines; rolling up their sleeves to help America win the race for the clean energy economy.”
Here is the video of President Obama’s address.