LOS ANGELES, May 19 (Reuters) - The U.S. Department of Energy offered SolarReserve LLC a conditional $737 million loan guarantee on Thursday to support the development of a Nevada solar power plant.
The Santa Monica, California company was among a large group of companies competing for the coveted loan guarantees, which are awarded to projects deploying innovative energy technologies on a far larger scale than ever before.
The loan guarantee will go toward construction of SolarReserve's 110 megawatt Crescent Dunes solar power plant in Tonopah, Nevada. The project is expected to create 600 jobs during its 30-month construction.
Construction will start this summer and the plant will begin operating in 2013.
SolarReserve's power plants will use molten salt energy storage technology licensed from Pratt & Whitney Rocketdyne, a unit of United Technologies Corp. The company's 150 MW Rice project is also going through the DOE loan guarantee application process.
Founded in 2007, SolarReserve's investors include US Renewables Group, Good Energies, Citigroup Inc, PCG Clean Energy & Technology Fund LLC, Nazarian Enterprises, CalPERS, Argonaut Private Equity and Credit Suisse Group Ltd.
(Reporting by Ayesha Rascoe in Washington and Nichola Groom in Los Angeles; editing by Marguerita Choy and Andre Grenon)
((ayesha.rascoe@thomsonreuters.com +1 202 310 5683; Reuters Messaging: ayesha.rascoe.reuters.com@reuters.net)) Keywords: SOLARRESERVE DOE/LOAN (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Santa Monica, California company was among a large group of companies competing for the coveted loan guarantees, which are awarded to projects deploying innovative energy technologies on a far larger scale than ever before.
The loan guarantee will go toward construction of SolarReserve's 110 megawatt Crescent Dunes solar power plant in Tonopah, Nevada. The project is expected to create 600 jobs during its 30-month construction.
Construction will start this summer and the plant will begin operating in 2013.
SolarReserve's power plants will use molten salt energy storage technology licensed from Pratt & Whitney Rocketdyne, a unit of United Technologies Corp. The company's 150 MW Rice project is also going through the DOE loan guarantee application process.
Founded in 2007, SolarReserve's investors include US Renewables Group, Good Energies, Citigroup Inc, PCG Clean Energy & Technology Fund LLC, Nazarian Enterprises, CalPERS, Argonaut Private Equity and Credit Suisse Group Ltd.
(Reporting by Ayesha Rascoe in Washington and Nichola Groom in Los Angeles; editing by Marguerita Choy and Andre Grenon)
((ayesha.rascoe@thomsonreuters.com +1 202 310 5683; Reuters Messaging: ayesha.rascoe.reuters.com@reuters.net)) Keywords: SOLARRESERVE DOE/LOAN (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.