The Department of Energy has issued a $1.4 billion conditional loan guarantee to fund a massive project that would install solar panels on unused industrial roof space across the U.S.

Energy Secretary Steven Chu announced yesterday that support for Project Amp would come from American Reinvestment and Recovery Act of 2009 funds.

The project’s aim is ambitious, having a target of installing 733 megawatts’ worth of photovoltaic solar panels across 28 states inside the following 4 years. Once full, the Project Amp solar panels are expected to produce enough electrical power to power more than 88,000 U.S. homes per year.

Different from numerous private solar roof installations, the electrical energy produced from the Project Amp solar panels will feed straight into a branch from the national electrical grid, not the host creating itself.Project Amp definitely qualifies as enormous. At 733 megawatts, it’s practically equivalent towards the quantity of all of the solar projects that got constructed within the U.S. in 2010. To put that figure in viewpoint, Toys ‘R’ Us not too long ago announced a 5.38-megawatt solar roof project, and these panels are anticipated to cover 20 acres of industrial roof space.

The project is being carried out in the interest of public infrastructure and job creation below financial duress. It’s also getting financed in huge aspect by the federal government.

The project isn’t a public works project by strict definition, nonetheless. Project Amp can also be backed and largely below the manage from the private sector. The U.S. government’s promised loan of $1.4 billion is going to a project that may price $2.6 billion. Phase 1 in the project, which contains only 15 megawatts of solar power, is being financed by Bank of America Merrill Lynch, energy business NRG Energy, and industrial real estate management firm Prologis. The industrial roofs to host Phase 1 with the solar panels are buildings owned and managed by Prologis, who will also oversee installation.

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