DOE approves loan for solar power plant

The Dept. of Energy has approved a partial guarantee on an $852 million loan to support the development of the Genesis Solar Project in California.

08/31/2011


U.S. Energy Secretary Steven Chu today announced that the Dept. of Energy finalized a partial guarantee for an $852 million loan to support the development of the Genesis Solar Project. The Genesis Solar Project is a 250 MW parabolic trough concentrating solar power (CSP) facility that will increase the nation’s currently installed CSP capacity by about 50%. NextEra Energy Resources, LLC, the project sponsor, estimates it will fund approximately 800 construction jobs and 47 operating jobs. The project is located on land managed by the Bureau of Land Management in Riverside County, California.

“This project creates jobs, avoids greenhouse gas emissions and helps strengthen our nation’s renewable energy future,” said Secretary Chu. “With the support of loan guarantees, we will enable the deployment of clean, renewable sources at scale, which will help bring down the cost of solar power in the years to come.”

The partial loan guarantee will support a utility-scale deployment of proven and scalable parabolic trough solar thermal technology that has been used commercially for more than two decades. The project is expected to produce enough electricity to power over 48,000 homes and avoid over 320,000 metric tons of carbon dioxide emissions annually. Power from the project will be sold to Pacific Gas and Electric Company. The lender-applicant, Credit Suisse AG, submitted the application under the Financial Institution Partnership Program (FIPP). Through FIPP financing, the Department of Energy guarantees up to 80% of the eligible costs of a loan provided to a renewable energy project by qualified financial institutions.

- Edited by Chris Vavra, Consulting-Specifying Engineer, www.csemag.com 



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