US DOE Offers SolarReserve $737 million Loan for NV Solar Plant

LOS ANGELES (May 19, 2011) - The U.S. Department of Energy offered SolarReserve LLC a conditional $737 million loan guarantee on Thursday to support the development of a Nevada solar power plant.

The Santa Monica, California company was among a large group of companies competing for the coveted loan guarantees, which are awarded to projects deploying innovative energy technologies on a far larger scale than ever before.

The loan guarantee will go toward construction of SolarReserve's 110 megawatt Crescent Dunes solar power plant in Tonopah, Nevada. The project is expected to create 600 jobs during its 30-month construction.

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