DOE approves loan for solar power plant

The Dept. of Energy has approved a partial guarantee on an $852 million loan to support the development of the Genesis Solar Project in California.

08/31/2011


U.S. Energy Secretary Steven Chu today announced that the Dept. of Energy finalized a partial guarantee for an $852 million loan to support the development of the Genesis Solar Project. The Genesis Solar Project is a 250 MW parabolic trough concentrating solar power (CSP) facility that will increase the nation’s currently installed CSP capacity by about 50%. NextEra Energy Resources, LLC, the project sponsor, estimates it will fund approximately 800 construction jobs and 47 operating jobs. The project is located on land managed by the Bureau of Land Management in Riverside County, California.

“This project creates jobs, avoids greenhouse gas emissions and helps strengthen our nation’s renewable energy future,” said Secretary Chu. “With the support of loan guarantees, we will enable the deployment of clean, renewable sources at scale, which will help bring down the cost of solar power in the years to come.”

The partial loan guarantee will support a utility-scale deployment of proven and scalable parabolic trough solar thermal technology that has been used commercially for more than two decades. The project is expected to produce enough electricity to power over 48,000 homes and avoid over 320,000 metric tons of carbon dioxide emissions annually. Power from the project will be sold to Pacific Gas and Electric Company. The lender-applicant, Credit Suisse AG, submitted the application under the Financial Institution Partnership Program (FIPP). Through FIPP financing, the Department of Energy guarantees up to 80% of the eligible costs of a loan provided to a renewable energy project by qualified financial institutions.

- Edited by Chris Vavra, Consulting-Specifying Engineer, www.csemag.com 



No comments
The Top Plant program honors outstanding manufacturing facilities in North America. View the 2015 Top Plant.
The Product of the Year program recognizes products newly released in the manufacturing industries.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
Prescriptive maintenance; Hannover Messe 2017 recap; Reduce welding errors
Safety standards and electrical test instruments; Product of the Year winners; Easy and safe electrical design
Safer human-robot collaboration; 2017 Maintenance Survey; Digital Training; Converting your lighting system
Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Big Data and bigger solutions; Tablet technologies; SCADA developments
Automation modernization; Predictive analytics enable open connectivity; System integration success; Automation turns home brewer into brew house
Commissioning electrical systems; Designing emergency and standby generator systems; Paralleling switchgear generator systems
Natural gas for tomorrow's fleets; Colleges and universities moving to CHP; Power and steam and frozen foods

Annual Salary Survey

Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.

There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.

But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.

Read more: 2015 Salary Survey

Maintenance and reliability tips and best practices from the maintenance and reliability coaches at Allied Reliability Group.
The One Voice for Manufacturing blog reports on federal public policy issues impacting the manufacturing sector. One Voice is a joint effort by the National Tooling and Machining...
The Society for Maintenance and Reliability Professionals an organization devoted...
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.
Maintenance is not optional in manufacturing. It’s a profit center, driving productivity and uptime while reducing overall repair costs.
The Lachance on CMMS blog is about current maintenance topics. Blogger Paul Lachance is president and chief technology officer for Smartware Group.
Featured articles highlight technologies that enable the Industrial Internet of Things, IIoT-related products and strategies to get data more easily to the user.
Compressed air plays a vital role in most manufacturing plants, and availability of compressed air is crucial to a wide variety of operations.
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.
Maintenance Manager; California Oils Corp.
Associate, Electrical Engineering; Wood Harbinger
Control Systems Engineer; Robert Bosch Corp.
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
click me