US DoE Selects Ascent for Loan Guarantee

2 March 2011 (Last Updated March 2nd, 2011 18:30)

The US Department of Energy (DoE) Loan Guarantee Programs Office (LGPO) has selected Ascent Solar's loan guarantee application, for its 150MW FAB3 project, to advance to the LGPO's due diligence phase of review. Of the total cost of $375m for the project, $275m will be covered under the l

The US Department of Energy (DoE) Loan Guarantee Programs Office (LGPO) has selected Ascent Solar's loan guarantee application, for its 150MW FAB3 project, to advance to the LGPO's due diligence phase of review.

Of the total cost of $375m for the project, $275m will be covered under the loan guarantee programme.

Ascent's FAB3 project includes the construction of a plant that produces thin-film copper-indium-gallium-diselenide (CIGS) photovoltaic modules.

The company will use the technology advances from its existing manufacturing facilities and focus on large-volume markets such as building applied PV and building integrated PV applications in the development of the FAB3 project.

To meet the criteria for credit subsidy under section 1705 of title XVII, FAB3 will have to begin construction before financial closing, on or before 30 September 2011.