Abengoa SA was offered a $1.45 billion loan guarantee by the U.S. Department of Energy to build a 250-megawatt solar plant in Arizona, and Abound Solar Manufacturing was offered a $400 million loan guarantee toward two plants where thin-solar panels will be manufactured.
The guarantees through the Recovery Act and other measures are expected by the awardees to create more than 5,000 jobs, according to a statement from the White House.
Government guaranteed loans usually wind up being repaid by the government. It is just a way of keeping expenditures off today’s books. So this works out as $370 000 per job.
But in fact the impact on jobs, and green energy, will probably be negative, as the firms that actually create jobs are less well connected, and will know better than to attempt to compete with a business that has such government favor.
Thank you for your article, at any checkout to figure out that Obama’s touting 1,500 new permanent jobs. The government is handing out nearly $2 billion for new solar plants that President Barack Obama says will create thousands of jobs and increase the use of renewable energy sources. I hope you will continuo your informative post .