BrightSource Energy Inc. has closed financing for the Ivanpah Solar Electric Generating System. As part of the financing, BrightSource finalized $1.6 billion in loans guaranteed by the U.S. Department of Energy's loan programs office.
The company also announced that Google will join NRG Solar LLC and BrightSource as an equity investor in the project by making a $168 million investment. In October 2010, NRG Solar LLC, a wholly owned subsidiary of NRG Energy, announced its commitment to invest up to $300 million to become the lead investor in the project.
The Ivanpah project is located on approximately 3,500 acres of federal land managed by the U.S. Department of the Interior's Bureau of Land Management (BLM) in California. The project is a 392 MW solar power facility consisting of three separate solar thermal power plants. The power generated from these solar plants will be sold under separate contracts with Pacific Gas & Electric and Southern California Edison.
SOURCE: BrightSource Energy Inc.