Genesis features solar parabolic trough technology that is very similar to the Solar Energy Generating Systems (SEGS), which the sponsor has been operating for over 20 years.
Between now and early 2014 the total generation capacity of concentrated solar power in the United States will increase by more than 120%.
Proceeds from the financing will be used primarily for the Genesis project, a 250-megawatt utility-scale concentrating solar thermal generating facility featuring proven parabolic trough solar thermal technology.
“This concentrated solar energy project creates jobs, avoids greenhouse gas emissions and helps strengthen our nation’s renewable energy future,” said Secretary Chu.
Hogan Lovells announced today that it closed approximately $1 billion in project financing on behalf of NextEra Energy Resources for the development of a 250 MW utility-scale solar thermal electric generating facility.
DOE Offers $2 Billion in Conditional Loan Guarantee Commitments for Two California Concentrating Solar Power Plants
Projects Will Create Nearly 1,800 Jobs, Expand CSP Deployment, and Drive Down Cost of Solar Installations.
Secretary Chu announced conditional commitments for approximately $2 billion in loan guarantees to two California concentrating solar power plants.
Concentrated solar energy projects: NextEra Energy Resources,500 MW,parabolic trough); Solar Millennium, 484 MW,parabolic trough; Rice Solar Energy, 150 MW,power tower; and Abengoa, 250 MW, parabolic trough.