DOE Finalizes $852 Million Loan Guarantee for California Solar Plant
August 31, 2011
Reflecting solar troughs will be used in the Genesis Solar Energy Project.
DOE announced on August 26 that it finalized a partial guarantee for an $852 million loan to support the Genesis Solar Energy Project, a 250-megawatt parabolic trough concentrating solar power (CSP) facility. The project will increase by 50% the installed CSP capacity in the United States. Sponsor NextEra Energy Resources estimates the loan will fund approximately 800 construction jobs and 47 operating jobs. The project is located on land managed by the U.S. Department of the Interior's Bureau of Land Management in Riverside County, California.
The partial loan guarantee will support the utility-scale deployment of a technology that has been used commercially for more than two decades, and the facility is expected to produce enough electricity to power more than 48,000 homes and avoid over 320,000 metric tons of carbon dioxide emissions annually. Power from the project will be sold to Pacific Gas and Electric Company. DOE's Loan Programs Office has issued loans, loan guarantees or offered conditional commitments for loan guarantees totaling nearly $40 billion to support 42 clean energy projects across the U.S. See the DOE press release.