California Energy Commission awards US$10.5 million in loans to three PV companies

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Taking a page from the American Recovery and Reinvestment Act, the California Energy Commission gave its approval for three loans, which total to more than $10.5 million, to three California-based PV companies: Stion, Soliant Energy, and Energy Innovations.  The low-interest loans fall under California’s Clean Energy Business Financing Program (CEBFP), which is supplying around US$30 million in federal stimulus money to businesses that create or preserve clean energy manufacturing jobs in the state.

The loans range from $50,000 to $5 million at a 2.75% interest rate and were available for pursuit by companies who produced energy efficiency or renewable energy products, components, systems and technologies or for projects with biomethane gas being made from biomass and directly injected into natural gas transmission lines.

Forty four companies presented themselves for the loans, with only three PV companies being chosen based on job creation/retention, energy saved, leveraged financing and economic adjustments for manufacturing job loss. All submissions were reviewed by the CEBFP and sent to the FDCs through the Business, Transportation and Housing Agency.
Stion will receive $5 million for the expansion of its manufacturing capacity of its CIGS thin-film solar modules at the company’s San Jose location. The total cost of the expansion is $22.2 million, and Stion will be supplying the rest of the financing needed. It’s expected that by December of 2011, Stion’s annual capacity should increase to 140MW.
Energy Innovations was granted $3,493,797 to buy equipment for its new factory and headquarters in Poway, California, with the loan providing almost half of the $7,038,601 cost of the project. By the end of 2011, the company will have an annual capacity of 60MW.

The $2,089,711 that Soliant Energy was endowed will go toward obtaining equipment for its concentrated PV solar panel factory in San Bernardino. The factory is expected to have an annual capacity of 40MW on its completion in October 2011.

In addition, Calisolar was presented with a $5 million CEBFP loan at the August 25 business meeting.

The use of the loans by CEBFP is to be used strictly for the purchase and installation of equipment with each company agreeing to pay back the loan within seven years from the date the new manufacturing equipment is installed.
“California is investing funds from the federal America Recovery and Reinvestment Act (ARRA) to rebuild our shrinking manufacturing sector, helping it retool for a new, more robust, and competitive green economy that can put Californians back to work,” said Karen Douglas, energy commission chairman. “In this continuing economic downturn, the Clean Energy Business Financing Program provides money to local green companies unable to access capital from lenders and banks.”

For further information about the CEBFP program, click here.

19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.
20 October 2021
Utility-scale solar is evolving, shaped by higher power modules and demand for increasingly lower levelised cost of electricity (LCOE). Those trends are also changing project requirements elsewhere, with inverters capable of delivering high power density and power capacity in strong demand. In this webinar, FIMER will detail how its innovative high-power, multi-MPPT string inverter and modular conversion solution can both meet those demands and transform the utility-scale solar sector for the better.
20 October 2021
The race is on but we need to sprint… With global climate talks fast approaching and time running out to prevent the most disastrous impacts of climate change, now is the time to act. The Summit will explore the opportunities that emerge from taking action on climate change and provide a clear pathway forward for governments, citizens and companies. Taking place just 10 days before the G20 meeting in Rome, on 30-31 of October, and in the lead up to the critical COP26 meeting in Glasgow from 31 October–12 November, this event will be instrumental in influencing ambitious global action.
10 November 2021
The solar tracker market continues to mature at breakneck speed, with designs and component selections becoming ever-more complex in the pursuit of better project economics. But a more simplistic design could deliver a triple benefit of lower Capex, EPC and Opex costs. This webinar will set out the ideal single axis tracker design for utility-scale solar farms. The design leapfrogs from decades of experience, with a comprehensive understanding and attention to the three cost structures of Capex, EPC and Opx. Sun and Steel Solar has prototyped a single axis tracker designed to deliver up to US$0.03/W in real savings compared to existing single axis trackers on the market. That’s US$30 million for every gigawatt deployed.
15 November 2021
The 10th edition of the famous Metallization and Interconnection Workshop, MIW2021, will take place in the Thor Central venue in Genk, Belgium, on Monday, November 15, and Tuesday, November 16, 2021 as a face-to-face meeting. We are longing for direct exchange of knowledge and ideas after a long time. Hopefully you can be part of it! But of course, the organizors will keep an eye on the evolution of the Covid pandemic. It will be assess carefully, whether the workshop can be held without major risks or excessive restrictions. We are looking forward to exciting talks, discussions and meetings and to welcoming you in Genk!
23 November 2021
The solar, storage and EV industries in the UK are going from strength to strength. There is no better place for the community to meet, share ideas and do business than Solar & Storage Live from 23-25 November at the NEC.There’s something for everyone; more than 150 exhibitors, a high-level conference, a start up and innovation zone, a poster zone, strategic partners to network with and much more. 

Read Next

October 19, 2021
Lightsource bp has announced its entry into Poland’s solar market through a co-development deal which will see the developer proceed with a 757MWp pipeline in the country.
October 19, 2021
Shortlisted bids in Saudi Arabia’s latest solar tender have jumped significantly on the lowest price recorded in the country’s previous renewables programme, reflecting the hikes in PV equipment costs in recent months.
October 19, 2021
The White House has said renewables are still key to its budget reconciliation bill despite rumours of the investment tax credit (ITC) being modified as opposition to the bill by senators Manchin and Sinema continue
October 19, 2021
Europe's energy crisis can be a boon for renewables deployment on the continent by bolstering business cases, but familiar foes such as grid constraints will still need to be hurdled in the coming years.
October 19, 2021
Solar tracker manufacturer Soltec has signed a framework agreement with renewables developer Acciona Energia to supply trackers over a three-year period.
October 18, 2021
Heterojunction cell and module manufacturer Meyer Burger has appointed a new CFO just one year after incumbent Jürgen Schiffer took on the role.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 19, 2021
Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021