DOE announces loan guarantee for 250MW solar project

30 August 2011 (Last Updated August 30th, 2011 18:30)

The US Department of Energy has awarded a partial loan guarantee of $852m to NextEra Energy Resources to fund the construction of its 250MW Genesis Solar project in California, US. The concentrating solar power facility is being constructed on a land managed by the Bureau of Land Manage

The US Department of Energy has awarded a partial loan guarantee of $852m to NextEra Energy Resources to fund the construction of its 250MW Genesis Solar project in California, US.

The concentrating solar power facility is being constructed on a land managed by the Bureau of Land Management.

Pacific Gas and Electric Company will purchase the power generated from the plant, which is sufficient to power 48,000 homes in the region.

The project is expected to reduce over 320,000 metric tons of carbon dioxide emissions annually.