Friday, May 20, 2011

SolarReserve Scores $737M Loan Guarantee For Solar Power Project

Santa Monica-based SolarReserve, the solar power projects developer developing solar thermal, utility-scale power plants, has scored a massive, $737M loan guarantee from the U.S. Department of Energy. According to the U.S. Energy Secretary Steven Chu, the DOE has offered up the guarantee to support a 110 megawatt, molten salt concentrating solar power tower generating facility being built in Tonopah, Nevada, by SolarReserve. SolarReserve is venture backed by U.S. Renewables Group, Argonaut Private Equity, Citi, Credit Suisse, Good Energies, Nimes Capital, and PCG Clean Energy & Technology Fund. The project is expected to be the first, molten salt power generating facility in the United States. The Crescent Dunes Solar Energy Project uses heliostats to focus solar power on a tower, which heats molten salt to be used to generate energy. The plant is expected to produce enough energy to power over 43,000 homes.