When constructed, Ivanpah, a commercial solar thermal power plant in California, is expected to nearly double the amount of solar thermal electricity produced in the US.
DOE has conditionally promised the loan guarantee through Department of Energy’s Title XVII loan guarantee program, which was started in 2005 under the Energy Policy Act to support commercially proven technology in addition to renewable energy technology.
Under Section 1703 of the program, the Department of Energy issues a conditional commitment to guarantee loans to be provided by the US Treasury’s Federal Financing Bank. However execution of the final loan guarantees is subject to the satisfaction of various conditions specified in the conditional commitment.
Governor Arnold Schwarzenegger, said: ”Our ambitious environmental policies are promoting the growth of clean, reliable energy in our communities and growing green jobs up and down the state. And, it is projects like this one that will help us meet our long-term energy and climate change goals while creating jobs and moving us towards a cleaner more sustainable future.”
John Woolard, CEO of BrightSource Energy, said: ”The loan guarantee commitment from the US Department of Energy serves as a tremendous validation of our technology, the BrightSource team’s ability to execute, and the Ivanpah project’s role in meeting our nation’s large-scale renewable energy needs.
”We’re truly humbled by the opportunity to help build our nation’s green energy economy by creating good jobs for local communities. We look forward to beginning construction on the Ivanpah project, making a real and substantive impact on climate change, and creating a model for environmentally-responsible energy projects.”
