Solar Industry Praises Congressional Champions for Preserving Loan Guarantee Funding

WASHINGTON – Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA), released the following statement on the preservation of funding for the Department of Energy’s Section 1705 Loan Guarantee Program (LGP) in the bipartisan continuing resolution:

“The DOE Loan Guarantee Program is a critical investment in America’s future. It provides a strong financial return for the taxpayer and we are very pleased to see a bipartisan group of House Members and Senators step forward to support the program.

“To date, this program has provided loan guarantees to more than 20 clean energy projects representing more than $40 billion in private investment. With the program now secure, developers of solar power plants and manufacturing facilities have the policy certainty necessary to move forward with their projects. The pipeline of clean energy projects with pending DOE loan guarantees will create more than 80,000 jobs and attract $35 billion in private investment, spanning a supply chain that stretches into 45 states.

“The campaign to save the loan guarantee program was a sustained effort by SEIA and the solar industry to show a bipartisan group of congressional leaders the value that this program brings to their districts and states. In particular, Senators Dianne Feinstein and Maria Cantwell championed the program along with the continued leadership from Majority Leader Harry Reid. Representative Laura Richardson spearheaded a bipartisan letter that was also signed by Representatives Brian Bilbray, Mary Bono Mack, Duncan Hunter, Jerry McNerney, Adam Schiff, Bob Filner and Grace Napolitano in the House of Representatives.”

Previously, the House passed HR 1 in February, which would have rescinded all remaining funding for the LGP – even for projects that had completed the review process and been awarded conditional guarantees – if it had been enacted into law.

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About SEIA(®):
Established in 1974, the Solar Energy Industries Association(®) is the national trade association of the U.S. solar energy industry. Through advocacy and education, SEIA (®) is working to build a strong solar industry to power America. As the voice of the industry, SEIA(®) works with its 1,000 member companies to make solar a mainstream and significant energy source by expanding markets, removing market barriers, strengthening the industry and educating the public on the benefits of solar energy.