From Sunlen Miller:
President Obama today will visit Solyndra, a solar panel manufacturing facility in Fremont, Calif., as a way — an administration official put it, "to reflect on where we've come with the Recovery Act and where we're headed."
In March of 2009, Solyndra received a $535 million loan guarantees through the Recovery Act to support the company’s construction of a commercial-scale manufacturing plant for its solar panels.
Since last year, Solyndra created 3,000 construction jobs as and they expect to create 1,000 permanent jobs at the new facility as a result of the loan guarantee. In the fall, Solyndra will ship its first product out of the assembly line at the new facility.
The loan created the capacity to manufacture another 230 megawatts per year of solar panels. That’s enough to cover 400 to 900 commercial rooftops. Those rooftops provide enough power to supply 24,000 homes each year, the White House says.
“What we’re seeing is the Recovery Act working,” Matt Rogers, Senior Advisor to Energy Secretary Chu said, touting not only the economic benefits of job creations but the environmental benefits to the investment, as well.
During his remarks in California, the President is expected to highlight the Recovery Act loan guarantee for Solyndra, recent news regarding the Tesla and the NUMMI plant and the Administration’s efforts to create jobs and strengthen the economy.
Mr. Obama will return to Washington, D.C., in the evening.