TOPIC 'Solar Energy' on Jan 21, 2009 (CET)
Loan Is Approved To Establish New Solar Cell Plant In Ohio
Attesting to the fact that capital is still available for financing renewable energy projects, the State of Ohio recently approved a loan for USD $7 million to Xunlight Corporation. Xunlight is a leader in the creation and manufacture of thin-film silicon solar cells. This funding will enable the corporation to build a 25 MW photovoltaic production facility in Toledo, Ohio, which will produce the thin-film solar cells in mass quantity.
Part of the financing, USD $3 million, was sponsored by the Ohio Research and Development Investment Fund, while the remaining USD $4 million came from the Ohio Enterprise Bond Fund (OEBF). Strong governmental support is critical to the success of renewable energy ventures. The CEO of Xunlight, Xunming Deng, states that this loan will help increase the capacity of his production facility and it will also create many jobs, high-paying jobs, in the State of Ohio. The Lt. Governor and the state’s Treasurer are behind this plan and project 100 percent.
A loan from the Ohio R&D Fund offers a low-interest loan in association with a tax credit. The idea behind the fund is to foster economic development by encouraging private sector businesses to get involved. The OEBF provides low cost loan assistance to help stimulate economic development throughout the State of Ohio.
As well, the state’s Treasurer says that the Ohio Enterprise Bond Fund is a great example of the government working to keep Ohio jobs in Ohio. Treasurer Richard Cordray also notes that enabling ventures such as this is a critical part of the role of the state’s Treasury Department.
Xunlight Corporation actually started as a part of the University of Toledo researching technology. It has since grown into its own entity and has received funding from many sources, including the U.S. Department of Energy and the U.S. Department of Commerce, as well as many private investors.
Sherry Irvin
on behalf of the
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