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Ivanpah: First DoE guaranteed financing for solar towers
09 May 2011
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BrightSource Energy, NRG Energy and Google closed the $1.6 billion debt financing for the $2.2 billion Ivanpah concentrating solar power project on 11 April. The loan came from the Federal Financing Bank, part of the US Treasury, with a guarantee from the US Department of Energy, under section 1703 of Title XVII of the 2005 Energy Policy Act. Less than two weeks after the Ivanpah loan closed, on 22 April, BrightSource filed for an initial public offering, looking to raise $250 million in an equity sale.
The financing is the second concentrating solar project to close with a DoE guarantee. Ivanpah, however, is the first to use solar tower technology, and the deal is not only the DoE’s largest solar loan, but also the largest solar tower financing anywhere to date. The technology involves the installation of a large number of heliostats, or elevated mirrors guided by a tracking system,...
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