Dec 27 2010
SolarReserve, a U.S. developer of solar power projects, recently announced itsplans to purchase long-lead material and equipment with finance from the department of energy (DOE) Loan Guarantee Program for its Crescent Dunes solar energy project in Tonopah, Nevada, and Rice project in Riverside County, California. Both projects will commence in 2011 on receiving environmental permits and completion of DOE financing activities.
Both projects will generate around 10,400 jobs in developing and commissioning zero-emission solar power units to provide renewable energy for around 150,000 homes using molten salt power tower technology developed by Pratt & Whitney Rocketdyne, a division of United Technologies Corporation. The technology features integrated energy storage to generate electricity even after sunset to provide renewable energy.
The 110-megawatt Crescent Dunes project in Nye County, Nevada, that in 2009 signed a 25-year power purchase agreement with NV Energy and been approved by the state Public Utility Commission in July, completed its environmental impact study and should receive a decision from the Department of Interior by yea-end.
The 150-megawatt Rice project in eastern Riverside County, California, is currently being reviewed by the California Energy Commission with a decision expected by end-2010. This project too has signed a 25-year power purchase agreement with Pacific Gas & Electric Company (PG&E) approved by the California Public Utilities Commission in September this year.
SolarReserve applied to the Loan Guarantee Program under the DOE’s July 2009 plan for renewable technologies under Section 1705 of the Energy Policy Act of 2005. Both passed Parts I and II of the DOE’s application review process. DOE and SolarReserve are going ahead with arrangements for the financing terms and conditions.