BrightSource Energy Inc., a developer of utility-scale solar thermal power plants, says the U.S. Department of Energy (DOE) has conditionally committed to provide $1.37 billion in loan guarantees to support the financing of BrightSource's Ivanpah Solar Electric Generating System.
When constructed, Ivanpah will be the world's largest solar energy project, nearly doubling the amount of solar thermal electricity produced in the U.S. today, according to BrightSource.
Under Section 1703 of the program, the DOE issues a conditional commitment to guarantee loans to be provided by the U.S. Treasury's Federal Financing Bank. Execution of the final loan guarantees is subject to the satisfaction of various conditions specified in the conditional commitment.
SOURCE: BrightSource Energy