The Iron Range Resources Board today approved two loans to bring a manufacturer of photovoltaic solar panels to Mountain Iron.
Meeting in Eveleth, the board voted 11-0 to loan $1.5 million to Silicon Energy for equipment and $3.6 million to the Economic Development Authority of Mountain Iron to construct a 25,000-square-foot building in the Mountain Iron Renewable Energy Park. The plant will be the park's first tenant.
The $6.85 million project would create 15 or more full-time jobs paying at least $13 per hour plus benefits when it begins operations next year.
According to John Carroll, vice president of the California-based Newport Partners -- which owns Silicon Energy -- hiring for the Mountain Iron project will begin this fall. The plant is projected to begin operations in March 2011.
Newport Partners focuses on developing, financing and managing properties with tax credits. It helped secure tax credits for the Laurentian Energy project in Hibbing and Virginia, and is involved in the Embarrass Mountain Wind project.
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Earlier this year Newport bought Silicon Energy, which manufactures solar PV panels in Arlington, Wash. The Mountain Iron facility will be similar to that facility, and Silicon Energy President Gary Shaver will be responsible for getting the Mountain Iron plant operating.
