PROVIDENCE, R.I. (AP) — The board of the Rhode Island Economic Development Corp. has voted to guarantee a $1 million loan to a newly formed Providence-based solar energy company.

The EDC board voted Monday to approve the financing deal for eNow Inc.. The company was created last year to develop solar energy panels for trucks and buses designed to generate clean energy while reducing the vehicle's fuel consumption.

The loan guarantee was approved under new rules intended to protect taxpayers by capping the size of loan guarantees and requiring companies to invest some of their own money before asking for state help.

In 2010 the EDC gave a $75 million loan guarantee to former Red Sox pitcher Curt Schilling's failed video game company, 38 Studios. The company has filed for bankruptcy.