BrightSource Energy, Inc has received $1.37 billion in loan guarantees from the DOE for 400 MW’s worth of solar thermal energy projects through the American Recovery and Reinvestment Act.
With the funding, the company is constructing three utility-scale concentrated solar plants that will make up the Ivanpah Solar Complex. Located in the Mojave Desert on federally-owned land, the complex will be the largest in the world and will double the capacity of installed solar thermal in the country. It will produce enough electricity to power 140,000 California homes.
The first plant will start construction this year and be completed in 2012, while the other two have completion dates of mid-to-late 2013. PG&E and SCE have entered into long-term agreements to purchase the power generated by the plants.
BrightSource was one of the companies with renewable energy projects biding their time in the Bureau of Land Management approval process glut. We’re glad to see such a large project make it through and to get federal financing support as well.
via DOE