SunPower may get $1.2B federal loan guarantee

SunPower Corp. announced Tuesday that it has a conditional commitment from the U.S. Department of Energy for a loan of up to $1.187 billion.

San Jose-based SunPower (NASDAQ:SPWRA, SPWRB) said the funds will go to support California Valley Solar Ranch power plant, which is expected to inject $315 million in economic benefit to San Luis Obispo County and create 350 jobs during construction.

SunPower said the plant will provide enough power for about 100,000 homes and will be one of the largest photovoltaic solar power plants in the world when complete.

SunPower CEO Tom Werner said the loan and the renewable portfolio standard — or RPS law — have a trickle-down influence on Silicon Valley companies, equipment suppliers and the dealer network SunPower uses to install its panels on houses. “When we get the RPS or loan guarantee that makes us invest across the entire value chain,” he said.

SunPower has its Northwest office in Portland.

Read more in the Silicon Valley/San Jose Business Journal.

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