DOE Offers $737 Million Loan Guarantee To SolarReserve’s Crescent Dunes Solar Project

SolarReserve, a Santa Monica, Calif.-headquartered developer of large-scale solar power projects, says the U.S. Department of Energy (DOE) has offered the company a conditional commitment for a $737 million loan guarantee for the 110 MW Crescent Dunes Solar Energy Project to be built in Tonopah, Nev.

According to the company, the DOE loan guarantee offer is a critical step in the progress of this landmark project, with construction slated for this summer and the start of operations in late 2013.

Electricity from the project, which will use SolarReserve's molten-salt power-tower technology, will be sold to NV Energy under a long-term power purchase agreement approved by the Nevada Public Utilities Commission in 2010.

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