Abengoa Receives $1.2bn Loan from US DOE

16 June 2011 (Last Updated June 16th, 2011 18:30)

The US Department of Energy (DOE) has offered Abengoa a conditional loan commitment of $1.2bn to aid the construction of a 280MW Mojave solar project (MSP) in California, US. The MSP, worth $1.6bn, is expected to generate electricity sufficient to power 53,000 households. Und

The US Department of Energy (DOE) has offered Abengoa a conditional loan commitment of $1.2bn to aid the construction of a 280MW Mojave solar project (MSP) in California, US.

The MSP, worth $1.6bn, is expected to generate electricity sufficient to power 53,000 households.

Under a 25-year power purchase agreement, PG&E will purchase the power generated from the plant.

Construction on the plant is slated to begin in August this year and start power generation by 2014.