Washington DC – Rhone Resch, President and CEO of the Solar Energy Industries Association, released the following statement today regarding the Department of Energy’s (DOE) expansion of its loan guarantee program to "commercial" project and the creation of its new Financial Institution Partnership Program (FIPP);
“Today’s solicitation announcement from Secretary Chu is a major step in improving the department’s loan guarantee program. By expanding eligibility for the loan guarantee to ‘commercial’ projects instead of the limited ‘innovative’ project definition, DOE is making the loan guarantee more broadly available to more solar companies. And the more projects that receive loan guarantees, the more jobs will be created. This is stimulus in action.
“The new Financial Institution Partnership Program will not only bring much needed capital back into the solar market, but it will streamline the application process allowing projects to be developed sooner.
“While today’s announcement is good news for the industry, there is still more to be done to improve the loan guarantee program. Most notably, Congress must restore the $2 billion that was diverted from the loan guarantee program earlier this year for the Cash for Clunkers program. DOE-guaranteed projects create jobs and a stronger loan guarantee program will help to spur new jobs and investment across the country.”