First Solar receives part loan for US solar plant

First Solar said it has received the first advance of a loan guaranteed by the U.S. Department of Energy’s Loan Programs Office for the 230MWAntelope Valley Solar Ranch One project in California, US.

The part loan package will finalize Exelon Corporation’s ownership of the project.

First Solar will operate and maintain the project for Exelon.

The first portion of the project is expected to come online later this year, with full operation planned for late 2013.

AV Solar Ranch One will generate electricity to power 75,000 homes in California and offset approximately 140,000 metric tons of carbon emissions annually.

The project has a 25-year power purchase agreement with Pacific Gas & Electric Company for the entire output of the plant, which has been approved by the California Public Utilities Commission.