Solar Trust nabs DOE $2.1B loan guarantee
The Department of Energy has awarded a $2.1 billion loan guarantee to Oakland-based Solar Trust of America – the largest loan guarantee awarded to date through the government’s program supporting renewable energy development.
Oakland-based Solar Trust of America's development arm Solar Millenium is developing a 1,000 megawatt solar plant in four phases using solar trough technology in Blythe California. When up and running the plant is expected to produce enough electricity to power more than 300,000 homes.
Solar Trust partnered with Chevron (NYSE: CVX) to develop the Blythe project, which is located on federal land. It and eight other projects were selected by the Bureau of Land Management for a fast-track program that reduced the time it took to get land permits.
In winning the loan guarantee, Solar Trust joins several other Bay Area-based companies including Oakland-based BrightSource ($1.6 billion), San Jose-based SunPower ($1.2 billion) and Fremont-based Solyndra ($535 million).
Read more in the San Francisco Business Times.
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