Last week it has been announced by The U.S. Department of Energy (DoE)  that it had finalized a $535 million loan guarantee for California’s Solyndra, who are makers of cylindrical solar photovoltaic (PV) panels.

For the announcement at Solyndra’s headquarters, California Governor Arnold Schwarzenegger, Energy Secretary Steven Chu, and U.S. Vice President Joe Biden were present.

It has been said by the company that it will use the money for the construction of a $733 million solar-panel manufacturing plant about which they have anticipated that it will create 3,000 construction jobs and employ 1,000 Bay Area workers once it begins operations.

It is expected  that from the first phase the annual production of solar panels to provide energy will be equivalent to powering 24,000 homes a year or over 500,000 homes over the project’s lifetime.

Under the Recovery Act and Title XVII of the Energy Policy Act of 2005, Solyndra is the first recipient of a loan guarantee. In addition to this, the loan guarantee that has been issued to Solyndra is the first that is issued by the DoE since the 1980s.

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