30 Aug '11, 11am

Giant California solar thermal plant raises $935m

North America's largest wind and solar energy supplier has raised $935m to fund the construction of a 250MW solar thermal plant in the California desert. The US Department of Energy (DoE) finalised an $852m loan guarantee last week for NextEra Energy Resources ' Genesis Solar project, which will increase the nation's concentrating solar power capacity by about 50 per cent. FURTHER READING World's largest solar farm switches from thermal to PV DoE announces $275m to help halve PV panel prices Around $702m of the funding is project bonds, $150m is a project term loan, and the remaining $83m comes from a letter of credit facility. "This financing marks a significant milestone in the development of the Genesis project," said Armando Pimentel, executive vice president and chief financial officer of NextEra Energy, the parent of NextEra Energy Resources. "We are pleased with bot...

Full article: http://www.businessgreen.com/bg/news/2105167/giant-califo...

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