DOE Backs Major Solar Project in Nevada with $737 Million Loan Guarantee
Department of Energy Offers Conditional Commitment for Loan Guarantee to Support Solar Generation Project in Nevada
The U.S. Department of Energy (DOE) has announced a conditional commitment for a $737 million loan guarantee to support a large-scale solar energy project in Nevada. The funding will help finance the construction of the Crescent Dunes Solar Energy Project, a cutting-edge facility that will supply clean, reliable power to thousands of homes.
What Is the Crescent Dunes Project?
The Crescent Dunes project is a 110-megawatt solar power facility using advanced molten salt technology. Unlike traditional photovoltaic systems, this project uses mirrors to concentrate sunlight onto a central tower. The concentrated heat warms molten salt, which stores the energy and powers a steam generator—allowing the system to produce electricity even when the sun isn’t shining.
This innovative setup is designed to deliver energy day and night, making it one of the first solar plants in the U.S. with built-in energy storage.
Powering Nevada with Clean Energy
The facility will be located near Tonopah, Nevada. Once complete, it is expected to provide clean power to about 75,000 homes. The project will also displace around 290,000 metric tons of carbon dioxide each year—equivalent to taking roughly 53,000 cars off the road.
Creating Jobs and Boosting the Economy
This solar energy project isn’t just good for the environment—it’s a job creator, too. The DOE estimates that the Crescent Dunes project will create 600 construction jobs and 45 permanent operations positions. In addition, it will generate millions in local tax revenue and long-term economic benefits for Nevada’s rural communities.
Backed by Federal Support and Private Investment
The DOE’s loan guarantee will support SolarReserve, the company developing the project. SolarReserve has partnered with ACS Cobra, a global engineering firm, to build and operate the plant. This public-private partnership helps de-risk the investment while accelerating the transition to a clean energy economy.
“Investments like this one move us closer to a future powered by clean, domestic energy,” said Energy Secretary Steven Chu. “They also support American innovation and help create high-quality jobs.”
Part of a Bigger Push for Renewables
This loan guarantee is part of the DOE’s Loan Programs Office initiative under the Energy Policy Act of 2005. The program supports the deployment of clean energy technologies that reduce greenhouse gas emissions and improve energy security.
As the U.S. works toward a more sustainable future, projects like Crescent Dunes show how innovation, government support, and private capital can align to make a real impact.
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