« Blackstone and Alta Resources partner to invest up to $1B to acquire and develop unconventional oil & gas assets in North America | Main | IFQC annual ranking of gasoline sulfur standards sees progress around the world; US drops to 46th »
DOE finalizes $1.6B loan guarantee for BrightSource Energy Inc.
12 April 2011
The US Department of Energy (DOE) finalized $1.6 billion in loan guarantees to support the Ivanpah Solar Energy Generating System, three related utility-scale concentrated solar power plants. The Recovery Act funded project, sponsored by BrightSource Energy, Inc., will be located on federally-owned land in the Mojave Desert in southeastern California, near the Nevada border, and will be one of the world’s largest concentrated solar power complexes.
The three-plant Ivanpah Solar Complex will generate approximately 392 gross megawatts (MW) of electricity using the company’s proprietary concentrating solar power (CSP) technology. Once operational, the project will produce nearly one million megawatt hours of electricity per year, enough to power over 85,000 homes, and will avoid more than 640,000 tons of carbon dioxide annually, equivalent to taking over 120,000 cars off the road.
The project includes solar fields containing more than 173,000 dual-mirror heliostats. Brightsource’s proprietary technology controls the mirrors to follow the sun, capturing a greater percentage of solar energy than other solar thermal technologies. Electricity from the project will be sold under long-term power purchase agreements with Pacific Gas & Electric and Southern California Edison Company (SCE). The project will be interconnected to the electricity grid via an upgraded SCE transmission line.
The Department of Energy, through the Loan Programs Office, has issued loan guarantees or offered conditional commitments for loan guarantees totaling more than $18 billion to support 20 clean energy projects across 14 states. The program’s nine generation projects will produce nearly 23 million megawatt-hours, enough to power over two million homes. Additional DOE-supported projects include the world’s largest wind farm, two geothermal projects and the US’ first new nuclear power plant in three decades.
TrackBack URL for this entry:
Listed below are links to weblogs that reference DOE finalizes $1.6B loan guarantee for BrightSource Energy Inc.: