
California, which is one of the leading states in renewable energy generation, recently secured $4.5 billion for three power plants in the state operated by First Solar, reports Reuters.
According to the news source, the U.S. Department of Energy offered the loans to First Solar for the projects, which will generate approximately 1,330 megawatts, approximately 30 percent more than a sizable nuclear power reactor.
First Solar, which is the largest solar company in the world in terms of market value, reportedly manufactures the lowest-cost photovoltaic panels in the entire industry, according to the news source.
The loan guarantees from the government will reportedly support the Antelope Valley Solar Ranch project, the Desert Sunlight project and the Topaz Solar initiative, Reuters reported.
In addition to the substantial amount of power expected to be generated from these facilities, the projects are expected to create a combined 1,400 jobs in the state. This could prove to be a crucial component of the projects, as the state's unemployment rate still sits above 11 percent, according to the Bureau of Labor Statistics.

