BrightSource Secures Financing for Solar Project in US

13 April 2011 (Last Updated April 13th, 2011 18:30)

BrightSource Energy has secured a loan guarantee of $1.6bn from the US Department of Energy for the Ivanpah Solar Electric Generating System in California, US. The project, which is currently under construction, has also secured investments of $168m from Google and $300m from NRG Solar

BrightSource Energy has secured a loan guarantee of $1.6bn from the US Department of Energy for the Ivanpah Solar Electric Generating System in California, US.

The project, which is currently under construction, has also secured investments of $168m from Google and $300m from NRG Solar.

The project is being delivered by BrightSource's engineering partner, Bechtel.

BrightSource Energy chief financial officer Jack Jenkins-Stark said that the company is thrilled to work with PG&E and Southern California Edison on this project.

NRG Energy president and CEO David Crane said the Ivanpah project will take California one giant step closer toward its goal of producing 33% of its electricity from renewable sources by 2020.

The project is slated to be complete in 2013.