News Archive Article

BrightSource receives $1.6 billion guarantee

MOJAVE DESERT, CALIFORNIA - The U.S. Energy Department finalized $1.6 billion in loan guarantees for BrightSource Energy Inc's Ivanpah solar complex in the California desert, a project that also received a $168 million investment from Google.

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

electric-ferries-power

Electric Ferries Power Up B.C. with CIB Help

VANCOUVER - British Columbia is taking a significant step towards a cleaner transportation future with the electrification of its ferry fleet. BC Ferries, the province's ferry operator, has secured a $75 million loan from the Canada Infrastructure Bank (CIB) to fund the purchase of four zero-emission ferries and the necessary charging infrastructure.

This marks a turning point for BC Ferries, which currently operates a fleet reliant on diesel fuel. The new Island-class electric ferries will be deployed on shorter routes, replacing existing diesel-hybrid vessels. These hybrid ferries will then be redeployed on routes that haven't yet been converted to electric,…

READ MORE
prevent-summer-power-outages

Prevent Summer Power Outages

READ MORE

beetle electric vehicle

Crowds plug into electric vehicle event in Regina

READ MORE

germany coal plant

Germany is first major economy to phase out coal and nuclear

READ MORE

ontario hydro

Ontario will not renew electricity deal with Quebec

READ MORE