$1.4 billion federal loan for Nissan means up to 1,300 new jobs in Tennessee

Energy secretary announces Nissan loan closing

SMYRNA, Tenn. — The U.S. Department of Energy has closed a $1.4 billion loan agreement with Nissan North America, Inc. that means the automaker will be creating up to 1,300 jobs in Tennessee to make the all-electric Leaf and lithium-ion battery packs to power them.

Secretary of Energy Steven Chu said the previously announced loan transaction was issued as part of the Advanced Technology Vehicles Manufacturing Loan Program. Congress authorized that $25 billion program as part of the Energy Independence and Security Act of 2007.

Nissan NA senior vice president Scott Becker said in the agency’s Thursday statement that the loan will bring production of the Leaf to Tennessee.

Modification of the Smyrna plant will begin later this year. It includes a new battery plant and changes to accommodate electric-vehicle assembly.