The U.S. Energy Department finalized loan guarantees for two major solar projects today, as the deadline loomed for the government's renewable-energy incentive program.
The government wrapped up deals that would back $737 million in financing for a solar thermal plant sponsored by privately held SolarReserve and $337 million in financing for a Sempra Energy photovoltaic solar project.
With funding for the government's loan program set to expire at the end of the week, investors have been watching to see what deals will be completed before time runs out.
The loan program has faced intense scrutiny after the high-profile collapse of Solyndra, a solar-panel maker that was the first company to receive funding under the program.
Republican lawmakers investigating the Solyndra loan guarantee have raised concerns that the Obama administration may rush to complete loans to meet the program's deadline.
SolarReserve Chief Executive Kevin Smith, however, said the government had conducted an extensive review of its application. … Read more