Energy Department approves $4.7 billion in solar loan guarantees

The Energy Department finalized Friday more than $4.7 billion in loan guarantees for four solar projects, bringing an embattled stimulus-law program aimed at financing renewable energy projects to a close.

The approvals come amid objections from House Republicans, who have alleged that the department was rushing to finalize the loan guarantees before the program expired Friday.

{mosads}Solyndra — a California-based solar panel manufacturer that received a $535 million loan guarantee under the program in 2009 — filed for bankruptcy earlier this month, igniting a firestorm in Washington.

House Republicans have alleged that the Obama administration missed a series of red flags that hinted at the company’s financial troubles. They’ve raised concerns about the Energy Department’s decision to restructure the loan in February amid signs that Solyndra was struggling.

But the Energy Department insisted Friday that all of the applications were subjected to intense review, noting that lawmakers on both sides of the aisle – including top Republican critics of Solyndra – have pressed the administration to approve loan guarantees in their homes states.

“Loan applications reviewed by the Department have undergone many months of due diligence and often receive bipartisan support,” DOE said in a statement.

DOE said Friday it finalized a $1.24 billion loan guarantee to SunPower Corp. to help finance construction of a California photovoltaic solar generating facility. 

In addition, the department finalized a separate $646 million loan guarantee for First Solar to finance a thin film photovoltaic solar generation facility in California.

DOE also finalized $1.46 billion in partial loan guarantees for two California solar photovoltaic generation plants sponsored by First Solar. 

The department approved a $1.4 billion partial loan guarantee for Project Amp, which aims to generate 752 megawatts worth of solar panels on 750 existing rooftops. The project is managed by Prologis.

Lastly, DOE finalized $1.46 billion in partial loan guarantees for two California solar photovoltaic generation plants. The lead investor on the project is Goldman Sachs Lending Partners.

The renewable energy loan guarantee program was funded under the 2009 stimulus law, which expanded an existing Energy Department loan guarantee program. The new program provided loan guarantees for renewables, advanced biofuels and electric transmission projects.

The Energy Department has spent the last several weeks finalizing a slew of loan guarantees that had already received conditional commitments.

You can read more about the projects that received DOE loan guarantees here.