BrightSource receives $1.6 billion guarantee
BrightSource said the funding announcements close financing for the Ivanpah project, which was already set to receive up to $300 million in financing from power company NRG Energy.
The $168 million from Google is the company's largest investment in the clean energy sector to date, Google said in a statement.
"We're excited about Ivanpah because our investment will help deploy a compelling solar energy technology that provides reliable clean energy, with the potential to significantly reduce costs on future projects," the company said.
The Ivanpah project will consist of three related utility-scale solar thermal power plants located on federal land in the Mojave Desert in southeastern California.
The majority of solar power projects developed to date have been photovoltaic systems, in which sunlight is turned into electricity using semiconductor materials in panels.
But Brightsource will use thermal, or concentrated solar power stations where mirrors concentrate sunlight on a fixed point to heat a liquid that produces steam to power a turbine.
When construction is completed in 2013, the 392-megawatt project will provide enough power for more than 85,000 homes, the Energy Department said.
Related News
Opponent of Site C dam sharing concerns with northerners
VANCOUVER - One of the leading opponents of the Site C dam in northeastern B.C. is sharing her concerns with northerners this week.
Proponents of the Site C dam say it will be a cost-effective source of clean electricity that will be able to produce enough energy to power the equivalent of 450,000 homes per year in B.C. But a number of Indigenous groups and environmentalists are against the project.
Wendy Holm is an economist and agronomist who did an environmental assessment of the dam focusing on its potential impacts on agriculture.
On Tuesday she spoke at a town hall presentation in Fort…
