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DOE sets aside $2 billion for concentrated solar

The Department of Energy has offered conditional loan guarantees totaling $2 billion to two concentrated solar projects in California, Energy Secretary Steven Chu announced yesterday.

Both projects employ mirrored parabolic solar thermal troughs that reflect and concentrate solar energy to heat pipes containing heat transfer liquid, usually synthetic oil. That hot liquid is then used to generate steam and power a turbine generator that produces electricity.

Specifically, a $1.2 billion loan guarantee has been offered to the 250-megawatt Mojave Solar Project in San Bernardino County. Once fully operational, the farm is expected to generate enough electricity to power 53,… Read more

DOE finalizes Abengoa Solar's $1.45 billion loan guarantee

Reuters

A unit of Spanish conglomerate Abengoa has gotten the final sign-off on the U.S. Department of Energy's largest renewable-energy loan to date, a $1.45 billion loan guarantee for a 250-megawatt solar thermal power plant in Gila Bend, Ariz.

The loan guarantee helps advance the nation's broad goals of building up renewable energy resources and lessening its dependence on fossil fuels.

This year, regulators have approved several large-scale renewable energy plants in the Southwest, but many of them haven't yet lined up financing.

With the loan guarantee, which was announced on a preliminary basis in July, … Read more

Solar thermal seeks U.S. breakthrough

Reuters

Solar thermal power could be close to a breakthrough in the U.S. market, but only if developers can shave costs to beat back competition from photovoltaic solar systems and attract the huge sums needed to finance the renewable energy plants.

While the new technology has been touted as a solution toward moving the United States away from its dependence on fossil fuels, it has so far stumbled because of the high price tag for the massive plants.

Solar thermal companies like BrightSource Energy and eSolar, both of which count search giant Google among their investors, and Spain's Abengoa Solar, … Read more