Solar Reserve gets DoE USD 737m loan guarantee commitment

(ADPnews) - May 23, 2011 - US-based Solar Reserve has received a USD 737 million (EUR 518m) conditional loan guarantee from the US Department of Energy (DoE) for the 110 MW Crescent Dunes concentrated solar power (CSP) project in Nevada.

The award will allow the company to go ahead with its CSP plant, which will comprise Pratt & Whitney Rocketdyne's solar power and molten salt storage technology.

The construction works on the site, located in Tonopah, Nevada, are anticipated to kick off in summer 2011.

When completed in late 2013, Crescent Dunes will provide electricity to around 75,000 homes during peak periods. The electricity output will be sold to NV Energy (NYSE:NVE) under a long-term power purchase agreement (PPA). In addition, the project is calculated to generate around USD 40 million in sales and property tax revenues over its operating life.

The Solar Reserve's development is expected to create over 600 jobs during construction and a further 4,300 in the facility supply chain. The completed CSP facility will employ 45 full-time staff.

(USD 1.0 = EUR 0.703)

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