Abengoa gets $1.45 billion loan guarantee for Arizona solar plant

Abengoa Solar will receive a $1.45 billion conditional loan guarantee to build the Solana Generating Station, a move that will accelerate the building of the largest power plant approved so far in Arizona. President Barack Obama made the announcement Saturday morning in a move that secures funding for the project, which that had struggled on the open market to find financing because of the lagging economy. With the loan guarantee, Abengoa, the U.S. subsidiary of Spanish solar giant Abengoa S.A., could have the project under development by the end of the year. “This conditional guarantee could allow us to start construction of Solana this year,” said Abengoa CEO Santiago Seage in a statement. “I want to recognize the leadership and effort of the DOE in making Solana possible through this guarantee.”

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