Solyndra Inc. a manufacturer of photovoltaic solar panels, will receive a $535 million loan guarantee from the federal government through the American Recovery and Reinvestment Act that will allow it to complete the first phase of a new manufacturing facility in Fremont, California, according to the Associated Press (AP). The loan guarantee is the first issued by the U.S. Department of Energy since 1983, and means that the government will repay the loan if the company cannot. Vice President Joe Biden is scheduled to formally announce the deal later today via satellite, with Energy Secretary Steven Chu and California Governor Arnold Schwarzenegger scheduled to appear at Solyndra headquarters. AP says the expansion is expected to create up to 1,000 long-term jobs and 3,000 temporary construction jobs; founded in 2005, the company currently employs about 4.600 workers.
