U.S. Offers Solar Project a Crucial Loan Guarantee

[phantom power]

The United States Department of Energy offered a $1.37 billion loan guarantee on Monday to a California company planning to build a large-scale solar power plant in the Southern California desert.

The loan guarantee for BrightSource Energy of Oakland, Calif., is the largest the department has given for a solar power project. BrightSource’s planned project, the Ivanpah Solar Electric Generating System, is the first utility-scale solar power plant to undergo licensing in California in nearly two decades.

It would use solar thermal technology, in which mirrors concentrate sunlight to heat a fluid and generate steam. If built, it would be the largest of its kind.

“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,” Steven Chu, the energy secretary, said in a statement.

The loan guarantee is contingent on the Ivanpah project passing state and federal environmental reviews.

http://www.nytimes.com/2010/02/23/business/energy-environment/23solar.html?adxnnl=1&adxnnlx=1266937212-743JGcP1cZjBmGmcIoNzPw