BrightSource Energy, Inc., developer of utility-scale solar thermal power plants, announced this week that the U.S. Department of Energy has conditionally committed to provide $1.37 billion in loan guarantees to support the financing of BrightSource’s Ivanpah Solar Electric Generating System.
The commitment to provide loan guarantees marks a key milestone in the development of the Ivanpah project, California’s first large-scale commercial solar thermal power plant in nearly two decades. When constructed, Ivanpah will be the world’s largest solar energy project, nearly doubling the amount of solar thermal electricity produced in the US today.
“This clean-energy investment will help create up to 1,000 construction jobs in California,” said California Senator Barbara Boxer. “In these tough times, we need investments like this to create good clean-energy jobs for Californians, increase our energy independence, protect our children from pollution and ensure American leadership in the clean energy economy.”
“As home to some of the world’s best solar fields and the nation’s largest green economy, it is no surprise the world’s largest solar energy project would choose California,” said Governor Schwarzenegger. “Our ambitious environmental policies are promoting the growth of clean, reliable energy in our communities and growing green jobs up and down the state. And, it is projects like this one that will help us meet our long-term energy and climate change goals while creating jobs and moving us towards a cleaner more sustainable future.”
“I am very happy to see utility-scale solar projects like this one moving forward with strong Administration support, and I am hopeful that this project will serve as a cornerstone of the clean energy economy in the Southwestern U.S.,” said Nevada Senator Harry Reid. “I look forward to BrightSource and other solar companies putting more Nevadans to work by building major projects like this in Nevada very soon.”
“The loan guarantee commitment from the U.S. Department of Energy serves as a tremendous validation of our technology, the BrightSource team’s ability to execute, and the Ivanpah project’s role in meeting our nation’s large-scale renewable energy needs,” said John Woolard, CEO of BrightSource Energy. “We’re truly humbled by the opportunity to help build our nation’s green energy economy by creating good jobs for local communities. We look forward to beginning construction on the Ivanpah project, making a real and substantive impact on climate change, and creating a model for environmentally-responsible energy projects.”
The loan guarantee is made possible by the Department of Energy’s Title XVII loan guarantee program, which was started in 2005 under the Energy Policy Act to support commercially proven technology in addition to innovative renewable energy technology. Under Section 1703 of the program, the Department of Energy issues a conditional commitment to guarantee loans to be provided by the U.S. Treasury’s Federal Financing Bank. Execution of the final loan guarantees is subject to the satisfaction of various conditions specified in the conditional commitment.
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When solar energy is available in abundance why we rely on oil and other alternative?