U.S. Backs Nevada, Arizona Concentrated Solar Thermal and PV Projects
Two days before a looming deadline, the U.S. Energy Department finalized two loan guarantees for solar power plants in Nevada and Arizona.
One deal, a $737 million loan guarantee for Solar Reserve LLC, paves the way for construction of the 110-megawatt Crescent Dunes Solar Energy facility, which will use an array of mirrors to focus the sun’s heat and power a steam generator.
A second $337 million loan guarantee announced Wednesday will back Sempra Energy’s (SRE) Mesquite Solar I project in Arizona, about 45 miles west of Phoenix. That 150-megawatt facility will use U.S.-made solar panels that convert sunlight into electricity.
The department still has several applications for loan guarantees pending, all of which will have to be finalized by Friday in order to be eligible for the economic-stimulus program. After Friday, the department can still make loan guarantees but will have less funding to do so.
The latest loan guarantees come with department under a microscope after the failure of Solyndra LLC, which in 2009 was the first company to receive a loan guarantee under the stimulus. The company filed for bankruptcy earlier this month and the Obama administration has been criticized for rushing the deal.
According to Solar Reserve’s website, one of its investors is Argonaut Private Equity, which also backed the Solyndra deal. Argonaut is an investment arm of the family foundation of George Kaiser, a political supporter of President Barack Obama. In the past, administration officials have denied that Kaiser’s connection to the White House played any role in the Solyndra deal.
Tags: administration officials, barack obama, economic stimulus, energy facility, investment arm, loan guarantee, megawatt facility, solar power plants, steam generator, u s energy
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