Solar energy projects awarded $4.8bn in loan guarantees

The U.S. Department of Energy finalized $4.8 billion in loan guarantees for four solar energy projects in California on Sept. 30, the last day of the loan guarantee program.

The projects receiving loan guarantees are:

·      The 250 MW California Valley Solar Ranch Project, sponsored by SunPower Corp. in California. The project received a $1.237 billion loan guarantee and will use alternating current (AC) photovoltaic (PV) solar panels. Pacific Gas & Electric Co. (NYSE: PCG) signed a power purchase agreement for the project,

·      The 752 MW PV rooftop solar project by Project Amp received a $1.4 billion partial loan guarantee. The planned solar plant will be installed on 750 rooftops owned and managed by Prologis in 28 states and the District of Columbia. NRG Energy is the lead investor in Phase I,

·      A $646 million guarantee for the 230 MW Antelope Valley Solar Ranch One, which was recently acquired by Exelon Corp (NYSE: EXC). AV Solar Ranch One will use First Solar (Nasdaq: FSLR)’s FS Series 3 PV modules. PG&E signed a power purchase agreement for the output, and

·      The 550 MW Desert Sunlight Project, which received $1.46 billion in loans. The project is expected to use 8.8 million cadmium telluride thin-film solar PV modules in two phases. Phase I will generate 300 MW of electricity that will be sold to PG&E, while phase II will generate 250 MW of power that will be sold to Southern California Edison.

DOE also awarded a $337 million loan guarantee to help finance the 150 MW Mesquite I solar PV project in Arizona and a $737 million loan guarantee to the 110 MW Crescent Dunes Solar Energy Project in Nevada on Sept. 28.

Read more financial news