Bloomberg News

SolarReserve Wins $737 Million Guarantee for Solar Thermal Plant

September 28, 2011

Sept. 28 (Bloomberg) -- SolarReserve LLC, a closely held renewable energy developer, received a $737 million U.S. Energy Department loan guarantee to build a solar-thermal project in Nevada.

The 110-megawatt Crescent Dunes project, near Tonopah, Nevada, will use the sun’s heat to create steam that drives a turbine, the agency said today in a e-mailed statement. SolarReserve is based in Santa Monica, California.

Lawmakers in Washington are scrutinizing the Energy Department’s program in the wake of Solyndra LLC’s Sept. 6 bankruptcy filing. The Fremont, California-based solar-panel maker received a $527 million loan guarantee.

--Editors: Will Wade, Randall Hackley

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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