
U.S. Energy Secretary Steven Chu recently announced that the Department of Energy has offered a partial guarantee for a $1.4 billion loan in support of Project Amp, which involves the installation of solar panels on industrial facilities throughout the country.
According to a release from the department, the project features the installation of approximately 733 megawatts of photovoltaic solar panels, which is nearly the same amount installed across the entire country last year.
In addition to creating a new green energy source for buildings throughout the country, the sponsor of the project predicts that it will create at least 1,000 new jobs over a span of four years, the release said.
"This unprecedented solar project will not only produce clean, renewable energy to power the grid in states across the country, but it will help us meet the SunShot goal of achieving cost competitive solar power with other forms of energy by the end of the decade," Chu said in a statement.
Bloomberg reports that the total cost of the project is expected to be $2.6 billion, with the first phase being the installation of 15 megawatts of power in Southern California.

