DOE Offers BrightSource $1.4B Guarantee for Mojave Solar Project
The Energy Department has issued its largest loan guarantee ever for a solar project.
DOE has offered BrightSource Energy $1.4 billion in guarantees to build three solar thermal plants in California's Mojave Desert. BrightSource still must comply with state and federal environmental reviews and raise private funds to close the deal, but the company expects to start construction of three heliostats beginning this fall.
Each heliostat will have two mirrors that track the sun, heating water to produce steam.
The project will include three fields of heliostats, with the first expected to come on line in 2012.
BrightSource says the project will create 1,000 construction jobs and 86 permanent ones.
Congress created the loan guarantee program in 2005, but the awards are just being made under the Obama administration.
This is the sixth conditional loan guarantee the administration has offered. The first was to California-based Solyndra last fall. That company took nearly eight months to close its deal and receive its guarantee.
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