SolarReserve Claims Progress On Power Projects

Santa Monica-based SolarReserve, the developer of utility scale solar power projects, claims today that it is proceeding with purchases of long-lead materials and equipment on its Crescent Dunes and Rice Solar Energy projects. The firm--which is still waiting on Department of Energy (DOE) loan guarantees--said the purchases are ahead of DOE-supported financing and are a "key milestone" in its construction of its power plants. SolarReserve's Crescent Dune Energy Project is in Tonopah, Nevada, and its Rice Solar Energy Project is in Riverside County. SolarReserve is backed by Citi Alternative Investments, Sustainable Development Investments (SDI), Good Energies, US Renewables Group, PCG Clean Energy & Technology Fund, Nimes Capital, and Credit Suisse.