Topaz Solar Farm Will Not Meet DOE Loan-Guarantee Deadline


First Solar Inc. has announced that the Topaz Solar Farm project will not meet the statutory deadline to receive a federal loan guarantee from the U.S. Department of Energy (DOE).

According to First Solar, the 550 MW Topaz project, located in San Luis Obispo County, Calif., meets the standards for inclusion in the loan-guarantee program and received a conditional commitment for a loan guarantee from the DOE on June 30; however, there is insufficient time to process all requirements before the Sept. 30 deadline specified under Section 1705 of the Energy Policy Act of 2005.

First Solar says it is in advanced talks regarding the sale and financing of the project with potential buyers by utilizing a different transaction structure that does not require a DOE loan guarantee.

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