California solar project gets $1.4 bln US guarantee

[Uzybone]

Source: Reuters

The United States on Monday gave its biggest backing yet to a renewable energy project, guaranteeing $1.37 billion in loans for a California development by BrightSource Energy Inc that uses the sun's heat to power a steam turbine.

BrightSource's proposed solar thermal plants are expected to generate about 400 megawatts of electricity and power about 140,000 California homes, giving it the heft to compete with plants fueled by coal and natural gas.

President Barack Obama's administration has touted green energy investments as a way to create jobs and increase international economic competitiveness.

"We're not going to sit on the sidelines while other countries capture the jobs of the future -- we're committed to becoming the global leader in the clean energy economy," Energy Secretary Steven Chu said in a statement.

Read more: http://www.reuters.com/article/idUSN2221548420100223

[polichick]

1. Good move! nt

[Demeter]

2. So Why Does It Need a Federal Guarantee? Especially over $1 billion?

Where's the fiddle? What is the underlying fraud?

Pardon me for not applauding. I smell a big, California-sized rat.

[WriteDown]

6. Bingo...

Of course you're points will be ignored though.

[TomClash]

3. We could use a bit of good news nt

[JDPriestly]

4. Excellent!

[defendandprotect]

5. Now that's better news, indeed -- !!!

Trust that BP hasn't bought up all the solar companies yet?