SolarReserve, a U.S. developer of large-scale solar power projects, has closed financing for the 110 MW Crescent Dunes Solar Energy Project to be built near Tonopah, Nevada. The Crescent Dunes project will the nation's first commercial scale solar power tower with fully integrated energy storage, the largest of its kind in the world, according to the company (artist's rendition shown).
The project is being constructed on federal land operated by the Bureau of Land Management. In November 2010, Interior Secretary Salazar signed the project's thirty-year right-of-way and approval to construct. Construction commenced earlier in September and the project is expected to start operations in late 2013.
As part of the project financing, SolarReserve is joined as investors in the project by ACS Cobra, which is focused on the engineering and construction of power plants and thermal solar facilities, and the equity capital practice of Santander. The project also closed on $737 million in project debt along with a loan guarantee from the U.S. Department of Energy. ACS Cobra's Nevada-based affiliate, Cobra Thermosolar Plants Inc., will act as the general contractor utilizing Nevada and regional subcontractors to perform the work.
This blog is focused on trends in battery technology and other types of energy storage that are used for smart grid load leveling and stabilization, and as back-up power for renewable energy sources such as photovoltaics/solar power, hydro and wind energy. Trends in lithium ion batteries, lead-acid, metal-air, NaS (sodium sulfur), ZnBr (zinc-bromine) batteries will be covered, as well as compressed air energy storage (CAES), flywheels, fuel cells and supercapacitors.
Wednesday, September 28, 2011
Financing for Crescent Dunes Solar Thermal Project Completed
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