President Obama has announced the awarding of $1.85 billion in loan guarantees to two solar power companies. Part of the money will go to the Spanish corporation Abengoa Solar for the construction of a large solar plant in Arizona.

President Obama: “Once completed, this plant will be the first large-scale solar plant in the US to actually store the energy it generates for later use, even at night. And it will generate enough clean, renewable energy to power 70,000 homes.”