Spanish Energy Firm Gets Billions in Loans from Feds
5:43 PM, Sep 14, 2011 • By MICHAEL WARREN
Even as problems grow for Solyndra, the solar energy manufacturing firm that got a hefty stimulus-backed loan before going bankrupt earlier this month, the Department of Energy continues to issue large loans to companies. The Los Angeles Times reports on a newly approved loan of $1.2 billion to the Mojave Solar Project in San Bernardino, California:
This isn't the first big loan that Abengoa Solar, a division of a Spanish energy corporation, has received from the stimulus package. According to the website for the Department of Energy's loan programs office, the company also received a $1.446 billion loan beginning in December 2010 for their Solana project near Gila Bend, Arizona. Abengoa Solar bills Solana, currently under construction, as the "largest solar power plant in the world." A sister company, Abengoa Bioenergy Biomass, is also receiving a $133.9 million loan from the same program for a project in Kansas.
There doesn't, however, seem to be a risk that Abengoa will go the way of Solyndra. The multinational corporation based in Spain has total assets of over $23 billion.
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