Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Abengoa Gets $1.2 Billion Loan Guarantee for Solar Project

Sept. 13 (Bloomberg) -- Abengoa SA, a Spanish power-equipment maker, received a $1.2 billion loan guarantee from the U.S. Energy Department to build a 250-megawatt solar-thermal power plant in southern California.

When complete, the Mojave Solar Project in San Bernardino County will increase the amount of solar-thermal energy capacity in the U.S. by 50 percent, the department said today in a statement. PG&E Corp. will buy its electricity under a 25-year contract.

Abengoa, a Seville, Spain-based power-equipment maker, plans to get more than 80 percent of the project’s components from U.S. suppliers.

Solar-thermal plants use mirrors to focus the sun’s rays on various liquids and generate steam that drives a turbine and produces electricity. By storing the heated liquid, solar-thermal plants can generate power at night, unlike photovoltaic solar plants

The Mojave Solar guarantee was approved through the same program that backed a loan to solar panel maker Solyndra LLC, which has filed for bankruptcy. The Energy Department is working to close pending loan guarantees under the program before it ends Sept. 30, Damien LaVera, an agency spokesman, said in an interview yesterday.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.