Let’s talk solar loans: shall we? For U.S. Energy Secretary Steven Chu today announced offers of conditional commitments for loan guarantees, of approximately $4.5 billion. All to support three alternating current Cadmium Telluride (Cd-Te) thin film photovoltaic (PV) solar generation facilities.
For the Department is offering a conditional commitment for a $680 million loan guarantee. That’s to support the Antelope Valley Solar Ranch 1 project. Also conditional commitments for partial loan guarantees of $1.88 billion in loans. For they are to support the Desert Sunlight project. Finally and conditional commitments for partial loan guarantees of $1.93 billion in loans. That’s to support the Topaz Solar project.
First Solar
In addition, First Solar, Inc., with headquarters in Tempe, Arizona. For they are sponsoring all three projects. All that will provide Cd-Te thin film solar PV modules. That’s for the projects from a new manufacturing plant. One that has begun construction in Mesa, Arizona. Also their new expanded manufacturing plant in Perrysburg, Ohio. One which serves as its primary hub for engineering. Also and research and development.
So let’s talk jobs. For The company expects that the projects will create a combined 1,400 jobs. All in California during peak construction.
In addition, DOE is offering a conditional commitment for a loan guarantee. That’s to AV Solar Ranch 1, LLC. All to support the Antelope Valley Solar Ranch 1 project.
The 230 megawatt (MW) project will also be located in the Mohave Desert. Specifically in Antelope Valley area of the Western Mojave Desert. That’s approximately 80 miles north of Los Angeles, California.
The project is also expected to generate 350 construction jobs. It will also feature a utility-scale deployment of innovative inverters. One with voltage regulation. Finally and monitoring technologies. Those that are new to the U.S. market.
New Inverters
The inverters enable the project to provide more stable and continuous power. That’s increasing the efficiency and reliability of large-scale solar power plants. I mean greater than 100 MW. The facility is expected to generate over 622,000 megawatt hours of electricity per year. For that’s equivalent to powering over 54,000 homes. It will also avoid over 350,000 metric tons of carbon dioxide emissions annually. Power from the Antelope Valley Solar Ranch 1 project. It will also be sold to Pacific Gas & Electric Company.
DOE is offering conditional commitments. All for partial loan guarantees. For that’s to Desert Sunlight 250, LLC and Desert Sunlight 300, LLC. That’s to support the Desert Sunlight project. The 550 MW project is also expected to generate 550 jobs. Most importantly and only during construction. It will also be located on land managed by the Bureau of Land Management. For that’s in eastern Riverside County, California.
Project Basics
The Desert Sunlight project is expected to use 8.8 million Cd-Te thin film solar PV modules. Those which are commercially proven. Also they have been deployed since 2001. The facility is expected to generate enough electricity. For I mean to power over 110,000 homes. Those that will avoid over 735,000 metric tons of carbon dioxide annually.
Solar systems using First Solar PV modules typically have high annual energy yields. I mean under real-world conditions. Thereby producing more energy than competing systems. Especially with the same power rating.
In addition, First Solar modules also offer superior environmental benefits. That’s including an industry-leading carbon footprint. Finally and a prefunded module collection. Yes folks and a recycling program.
One that enables the recycling of all First Solar modules at no additional cost.
Project construction will take place in two phases.
So Phase I will generate 300MW of power. One which will be sold to Pacific Gas & Electric Company. All the while Phase II will generate 250 MW of power. That which will be sold to Southern California Edison. The $1.88 billion in loans are also partially guaranteed by DOE.
For this project will be funded by a syndicate of institutional investors and commercial banks. Led by lead lender and lender-applicant. For that’s Goldman Sachs Lending Partners LLC. Finally Citibank N.A. Is co-lead arranger.
Antelope Valley Solar Ranch 1
DOE is offering a conditional commitment for a loan guarantee to AV Solar Ranch 1, LLC. All to support the Antelope Valley Solar Ranch 1 project. The 230 megawatt (MW) project will be located in the Antelope Valley area of the Western Mojave Desert. For that’s approximately 80 miles north of Los Angeles, California.
The project is also expected to generate 350 construction jobs and will feature a utility-scale deployment of innovative inverters with voltage regulation. One with monitoring technologies that are new to the U.S. market.
The inverters also enable the project to provide more stable and continuous power, increasing the efficiency and reliability of large-scale solar power plants greater than 100 MW. The facility is expected to generate over 622,000 megawatt hours of electricity per year. Thereby the equivalent to powering over 54,000 homes. Also it will avoid over 350,000 metric tons of carbon dioxide emissions annually. Power from the Antelope Valley Solar Ranch 1 project will be sold to Pacific Gas & Electric Company.
Desert Sunlight 250
DOE is offering conditional commitments for partial loan guarantees to Desert Sunlight 250, LLC and Desert Sunlight 300, LLC to support the Desert Sunlight project.
The 550 MW project is expected to generate 550 jobs. All during construction and will be located on land managed by the Bureau of Land Management in eastern Riverside County, California. The Desert Sunlight project is also expected to use 8.8 million Cd-Te thin film solar PV modules. Those which are commercially proven and have been deployed since 2001.
The facility is also expected to generate enough electricity to power over 110,000 homes. For it will avoid over 735,000 metric tons of carbon dioxide annually.
Project construction will take place in two phases
Phase I will generate 300MW of power. One which will be sold to Pacific Gas & Electric Company. All the while Phase II will generate 250 MW of power. That will be sold to Southern California Edison.
The $1.88 billion in loans that are partially guaranteed by DOE. It will be funded by a syndicate of institutional investors and commercial banks led by lead lender and lender-applicant, Goldman Sachs Lending Partners LLC. The one which submitted the project under the Financial Institution Partnership Program (FIPP). Also and Citibank N.A. as co-lead arranger.
Topaz Solar Project
DOE is offering conditional commitments That’s for partial loan guarantees to Topaz Solar Farms, LLC. For that’s to support the Topaz Solar project. The 550 MW project is expected to generate 500 jobs. All during construction. For it will be located in eastern San Luis Obispo County, California.
In addition, the Topaz Solar project will use over 8.5 million Cd-Te thin film solar PV modules. For that’s anticipated to generate enough electricity to power approximately 110,000 homes. Also it will avoid nearly 725,000 metric tons of carbon dioxide emissions annually.
The project’s power will also be sold to Pacific Gas & Electric Company. The $1.93 billion in loans. For they are partially guaranteed by DOE. It will be funded by a syndicate of institutional investors. Also and commercial banks. One led by lead lender and lender-applicant, The Royal Bank of Scotland plc.
These projects were filed under the Financial Institution Partnership Program (FIPP).
The Department of Energy’s Loan Programs Office administers three separate programs. For that’s the Title XVII Section 1703 and Section 1705 loan guarantee programs. Also the Advanced Technology Vehicle Manufacturing (ATVM) loan program.
In conclusion, the loan guarantee programs support the deployment of commercial technologies. That’s along with innovative technologies. Those that avoid, reduce, or sequester greenhouse gas emissions. All while the ATVM supports the development of advanced vehicle technologies.
Under all three programs, DOE has issued loans. Also loan guarantees or offered conditional commitments for loan guarantees. That’s totaling over $38 billion. All to support 40 clean energy projects across the U.S.
The program’s 23 generation projects. For it will produce over 32 million megawatt-hours annually. That’s enough to power over 2.5 million homes.
To date, the program has conditionally committed over $16 billion in loan guarantees to support 15 solar generation projects. DOE has also conditionally committed financing to support numerous other projects. For that’s such as four of the world’s largest solar projects. Also two geothermal projects. Finally the world’s largest wind farm. Also the nation’s first new nuclear power plant in three decades. For more information, please visit the Loan Programs Office.
Source: USDOE
