Abengoa Solar Gets $1.45 Billion Loan from the U.S!

Spanish company Abengoa Solar has been granted a $1.45 billion dollar loan guarantee form the U.S. Department of Energy. The renewable energy company seeks to build a 250-megawatt solar plant in Arizona.

This new solar plant will be located 70 miles from Phoenix and will benefit and approximated of 70,000 households. Now that they have been granted the loan, they will begin construction this year and expected to start running in 2013’s mid-year. The energy will be sold to APS in a 30-year-deal.