Home   »   Blog   »   News   »    

Feds woo Calisolar to Ontario with $275 million loan guarantee

Mansfield Journal – A $275 million conditional loan guarantee from the U.S. Department of Energy should help facilitate Calisolar Inc.’s purchase of the former General Motors plant, according to both of Ohio’s U.S. senators.

U.S. Department of Energy Secretary Steven Chu and Sen. Sherrod Brown announced Thursday that Calisolar received the loan guarantee to help build a solar products manufacturing facility in Ontario.

Calisolar Inc. cannot receive the loan until it officially announces it is coming to the former General Motors Mansfield/Ontario Metal Center, Brown said during a conference call.

The guarantee includes a Sept. 30 deadline to begin construction.

“You can’t pick this one up and go to Mississippi. … It’s directed in that way. We think this means it will all likely be in Richland County once the AT, Administrative Trust, works it out with Calisolar,” Brown said.

Brown said Calisolar, once its negotiations are wrapped up with the administrative trust, will be able to meet the September deadline.

“Going anywhere else, they likely would not be able to,” Brown said. “That’s what is convincing to me that Richland County has a very good chance of making this work.”

Read the whole article »