DOE finalizes $852 million loan to support concentrating solar power plant
The Genesis Solar Project is a 250 MW parabolic trough concentrating solar power facility that will increase the nation's currently installed CSP capacity by about 50 percent
Washington D.C., August 29, 2011 — U.S. Energy Secretary Steven Chu announced that the Department of Energy finalized a partial guarantee for an $852 million loan to support the development of the Genesis Solar Project.
NextEra Energy Resources, LLC, the project sponsor, estimates it will fund about 800 construction jobs and 47 operating jobs. The project is located on land managed by the Bureau of Land Management in Riverside County, California.
The partial loan guarantee will support a utility-scale deployment of scalable parabolic trough solar thermal technology that has been used commercially for more than two decades.
The project is expected to produce enough electricity to power over 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 Co.
The lender-applicant, Credit Suisse AG, submitted the application under the Financial Institution Partnership Program. Through FIPP financing, the DOE guarantees up to 80 percent of the eligible costs of a loan provided to a renewable energy project by qualified financial institutions.