Obama Announces a $2 Billion Investment in Solar Energy
by Charles Lemos, Sat Jul 03, 2010 at 07:33:45 PM EDT
President Obama used his weekly Saturday address to announce the awarding of nearly two billion dollars in Federal funds to two solar energy companies that have agreed to build new power plants in the United States.
One of the companies, the Spanish firm Abengoa Solar S.A., has agreed to build one of the largest solar plants in the world in Arizona, which will create about 1,600 construction jobs. When completed, this plant will provide enough energy to power approximately 70,000 homes. The other company, Abound Solar Manufacturing of Longmont, Colorado, is building two new plants - one in Colorado and another in Indiana. Abound Solar is expected to receive approximately $400 million in Federal grants.The two projects are funded through the American Recovery and Reinvestment Act (ARRA) approved by Congress in early 2009.
Together these two projects will create more than 2,000 temporary construction jobs, and over 1,500 permanent jobs. While the jobs are welcomed news, the numbers of jobs is effectively incidental given the depths of the unemployment crisis facing the country. More important is the fact the Obama Administration is making a demonstrable effort in creating a renewable energy infrastructure that moves us away from our hydrocarbon-based economy.
More at The Hill.