President Obama took the occasion of Independence Day to announce that the federal government will authorize $2 billion of Recovery Act funding to support the solar industry. Administered by the Department of Energy, the funds will target two companies: Abengoa Solar and Abound Solar Manufacturing.
Abengoa – an international solar firm with its roots in Spain—plans to build the world’s largest concentrating solar power plant in Arizona. The company says the facility, dubbed the Solana Project, will produce enough energy to power 70,000 households. The plant will use thermal storage equipment to parabolically recover energy for a 280 MW output capacity. The administration says the project will create 1,600 construction jobs.