SolarReserve Gets Approval On 50MW Solar Thermal Project

Santa Monica-based SolarReserve, a developer of utility-scale, solar energy products, said today that it has received a key environmental permit for a 50 megawatt, solar thermal power project in Spain. The firm, which is backed by over $140M in funding from such companies as Argonaut Private Equity, Citi, Credit Suisse, Good Energies, Nimes Capital, PCG Clean Energy & Technology Fund, and US Renewables Group, said construction on the project is scheduled to begin in 2010. The firm uses molten salt power technology to generate power for energy utilities. SolarReserve's Alcazar Solar Thermal Power project is expected to generate around 300,000 megawatt hours of electricity per year, supplying around 70,000 homes in Alcazar de San Juan, near Madrid.