Renewables, Solar

Ivanpah financing closed

BrightSource Energy Inc. has closed financing for the Ivanpah Solar Electric Generating System, finalizing $1.6 billion in loans guaranteed by the U.S. Department of Energy’s Loan Programs Office. Ivanpah is one of the world’s largest solar projects under construction and is expected to be completed in 2013.

As part of the financing, BrightSource also announced that Google will join NRG Solar LLC and BrightSource as an equity investor in the project by making a $168 million investment.

In October 2010, NRG Solar LLC, a wholly owned subsidiary of NRG Energy, announced its commitment to invest up to $300 million to become the lead investor in the project. NRG’s investment commitment coincided with BrightSource’s engineering partner, Bechtel, commencing construction on the project.

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