The United States Energy Department on Monday offered a $1.37 billion loan guarantee to a company planning to build a large-scale solar power plant in the Southern California desert.
The loan guarantee, for BrightSource Energy of Oakland, Calif., is the largest given for a solar project. BrightSourceâ€™s 392-megawatt Ivanpah Solar Electric Generating System is the first utility-scale solar power plant to undergo licensing in California in nearly two decades. It would use solar thermal technology, in which mirrors concentrate sunlight to heat a fluid and generate steam, and if built it would be the worldâ€™s largest such plant.
â€œWeâ€™re not going to sit on the sidelines while other countries capture the jobs of the future â€“ weâ€™re committed to becoming the global leader in the clean energy economy,â€ Steven Chu, the energy secretary, said in a statement.
The loan guarantee is contingent on the Ivanpah project passing state and federal environmental reviews…MORE
-Todd Woody (via Green Inc.)