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.
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LONDON - According to a new job posting, Tesla Electric, Tesla’s new electric utility division, is preparing to expand in the United Kingdom.
Late last year, after gaining experience through its virtual power plants (VPPs), Tesla took things a step further with the launch of “Tesla Electric.”
Instead of reacting to specific “events” and providing services to your local electric utilities, as Tesla Powerwall owners have done in VPPs in California, Tesla Electric is actively and automatically buying and selling electricity for Tesla Powerwall owners – providing a buffer against peak prices.
The company is essentially becoming an energy retailer.
Tesla Electric is currently…
