The California Energy Commission (CEC) has approved the first loan from the Clean Energy Business Financing Program (CEBFP) to Sunnyvale, Calif.-based Calisolar, which was awarded a $5 million loan to purchase equipment to expand the manufacture of multicrystalline photovoltaic cells.
The CEBFP is using American Recovery and Reinvestment Act (ARRA) funds to provide up to $30.6 million in 2.75% low-interest loans to private businesses that improve or expand their energy efficiency or renewable energy manufacturing facilities in California.
Using these stimulus and private funds, Calisolar's project will expand solar cell capacity production from 60 MW annually to 75 MW annually by December. The is expected to create and/or retain approximately 181 full-time equivalent jobs when operating at their maximum production levels. Calisolar is providing $20,716,00 in leveraged financing for the project's total $25,716,002 cost. The loan will be repaid in 84 monthly payments.
SOURCE: California Energy Commission