Department of Energy Finalizes $1.6 Billion Loan Guarantee for BrightSource Energy

The U.S. Department of Energy finalized $1.6 billion in loan guarantees to support the Ivanpah Solar Energy Generating System, three related utility-scale concentrated solar power plants. The Recovery Act funded project, sponsored by BrightSource Energy, Inc., will be located on federally-owned land in the Mojave Desert in southeastern California, near the Nevada border, and will be one of the world's largest concentrated solar power complexes. BrightSource estimates the project will create approximately 1,000 construction jobs and 86 operations and maintenance jobs.

"Today's announcement is creating over 1,000 jobs in California while laying the foundation for thousands more clean energy jobs across the country in the future," said Secretary Chu. "Through the loan program we are supporting some of the largest, most innovative clean energy projects in the world, and those investments are helping us to out-compete and out-innovate our global competitors to win the future."

Source: Department of Energy