Govt. Guarantees $535M for Solyndra

As the United States continues to move toward developing cleaner and more reliable sources of energy, President Obama’s administration has decided to give Solyndra Inc., a manufacturer of solar power systems, a $535 million loan. The money will go toward the construction of a photovoltaic power manufacturing plant which will eventually employ 1,000 people.
 
The money for the loan guarantee will come from Obama’s economic stimulus plan that was put into effect by President Obama in February. The offer was originally extended to Solyndra on the condition that the energy company would secure its own end of the financing offer and was only announced today by Vice President Joe Biden.
 
According to Biden’s statements, the deal signals the great emphasis that the Obama administration has placed, and will continue to place, on developing renewable, clean sources of energy. He also stated that the Obama administration’s goal is to continue establishing the foundation for long-term growth throughout the rest of the century by creating jobs and developing technology in the present.

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