Solar Power receives $24.7m commitment from $787bn American Recovery and Reinvestment Act

9 March 2010

Solar module manufacturer Solar Power has received an initial commitment of $24.7m in Recovery Zone Facility Bonds (RZFB) by Sacramento County

On 17 February 2009, US President Barack Obama signed into law the $78 7bn American Recovery and Reinvestment Act of 2009 (ARRA). The RZFBs committed to Solar Power are tied directly to the ARRA.

The company also said that it was exploring plans to open a manufacturing facility within Sacramento County to build solar panels.

The system, which will be designed, engineered, and constructed by Solar Power, will exceed 10MW in electricity production capacity and have an estimated value of $50m upon completion.

‘Solar Power, Inc. has positioned itself to pursue the opportunities the federal stimulus plan offers,’ said Steve Kircher, CEO Solar Power. ‘Expanding our manufacturing base to California will significantly enhance our ability to meet growing demand for our solar system development expertise and our top-ranked solar panels across the US.’

‘This type of development is precisely what the ARRA was intended to promote and will create new manufacturing jobs in Sacramento County,’ added Roger Dickinson, chair of the Sacramento County Board of Supervisors.

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Tags: solar

This story was published on Tuesday, March 9th, 2010 at 1:08 pm and is filed under Asia, North America, deals, policy, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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