BrightSource scores $1.4B in U.S. loan guarantees (San Francisco)
BrightSource Energy will get $1.37 billion in loan guarantees from the U.S. Department of Energy to support the construction of the world’s largest solar thermal project if it can meet certain milestones.
The Department of Energy awarded the guarantee under a program created in 2005 in the Energy Policy Act. Palo Alto-based electric car maker Tesla Motors Inc. also received loan guarantees through this program.
Oakland-based BrightSource plans to build solar thermal power plants totaling 400 megawatts in the Southern California desert.
Read the full report in the San Francisco Business Times.
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