Huge Federal Boost for Oakland Solar Company

BrightSource Energy

Doing it with mirrors. Image: BrightSource Energy

Oakland-based BrightSource Energy is reportedly the beneficiary of a $1.37 billion federal boost for its planned solar-thermal plant in Southern California.

The New York Times reports today that it’s the biggest loan guarantee so far for a single solar project and that the Ivanpah array would be the largest of its type, potentially generating 2,600 megawatts of power for PG&E and SoCal Edison. The loan guarantee does not mean that the project is fully funded but federal loan guarantees are considered a potent inducement for investors.

The California Energy Commission has a chart of all solar projects currently under consideration, on its website. The CEC lists 28 solar-thermal projects and another dozen or so utility-scale photovoltaic arrays either announced, approved, or currently under review.

  • James Mayeau

    Has it ever occured to you to ask what are the effects of $1.37 billion loan for a non competitive un necessary boutique energy project in an economy that is starved for business loan capital?
    Doesn’t this sop up credit that would be better used developing small business enterprise
    Are we or are we not in a credit crunch financial crisis?

  • Dixon Cruickshank

    How much is 2600MW for as stated more than 1.3B – not sure, is that like a power plant? or will it provide for 66 houses during the day

  • Jon

    $1.37 billion and the only jobs they have listed on their website are in Jerusalem?

  • Dixon Cruickshank

    Good find Jon your right