United States President Barack Obama has announced US$2 billion in loan guarantees for two solar power companies. Abengoa Solar, a unit of a Spanish company, will receive a $1.45 billion loan guarantee. The funds will go toward the construction of a solar plant in Arizona. The project is expected to produce 1,600 construction jobs and 85 permanent jobs. The plant would have 280 megawatt output capacity capable of powering 70,000 homes.