DOE finalizes loan guarantee for rooftop solar project

Washington D.C., October 3, 2011 — U.S. Energy Secretary Steven Chu announced that the Department of Energy has finalized a partial guarantee for a $1.4 billion loan to support Project Amp.

The solar power project includes the installation of about 752 MW of photovoltaic solar panels, which is more than 80 percent of the total amount of PV installed in the U.S. in 2010.

Project Amp will support the installation of solar panels across about 750 existing rooftops owned and managed by Prologis. The electricity generated from those panels will contribute directly to the electrical grid. The project sponsor estimates Project Amp will create more than a thousand construction jobs over a four-year period.

Solar installations will be built in up to 28 states and the District of Columbia. NRG Energy is the lead investor for Phase I of the installations. Project Amp is expected to generate enough renewable electricity to power over 88,000 homes and is expected to avoid about 580,000 metric tons of carbon dioxide annually.

Project Amp's application was submitted by the lender-applicant, Bank of America Merrill Lynch, under the Financial Institution Partnership Program.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs