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Loan Guarantee Confirmed for Solar Power Plant

  • Posted by on February 23, 2010 in All
  • The United States Energy Department on Monday offered a $1.37 billion loan guarantee to a company planning to build a large-scale solar power plant in the Southern California desert.

    The loan guarantee, for BrightSource Energy of Oakland, Calif., is the largest given for a solar project. BrightSource’s 392-megawatt Ivanpah Solar Electric Generating System is the first utility-scale solar power plant to undergo licensing in California in nearly two decades. It would use solar thermal technology, in which mirrors concentrate sunlight to heat a fluid and generate steam, and if built it would be the world’s largest such plant.

    “We’re not going to sit on the sidelines while other countries capture the jobs of the future – we’re committed to becoming the global leader in the clean energy economy,” Steven Chu, the energy secretary, said in a statement.

    The loan guarantee is contingent on the Ivanpah project passing state and federal environmental reviews...MORE

    -Todd Woody (via Green Inc.)


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