* Funds will aid construction of 110 MW Nevada solar plant
* SolarReserve projects use molten salt storage technology
(Adds details, changes dateline previous WASHINGTON)
LOS ANGELES May 19 The U.S. Department of
Energy offered SolarReserve LLC a conditional $737 million loan
guarantee on Thursday to support the development of a Nevada
solar power plant.
The Santa Monica, California company was among a large
group of companies competing for the coveted loan guarantees,
which are awarded to projects deploying innovative energy
technologies on a far larger scale than ever before.
The loan guarantee will go toward construction of
SolarReserve's 110 megawatt Crescent Dunes solar power plant in
Tonopah, Nevada. The project is expected to create 600 jobs
during its 30-month construction.
Construction will start this summer and the plant will
begin operating in 2013.
SolarReserve's power plants will use molten salt energy
storage technology licensed from Pratt & Whitney Rocketdyne, a
unit of United Technologies Corp (UTX.N). The company's 150 MW
Rice project is also going through the DOE loan guarantee
Founded in 2007, SolarReserve's investors include US
Renewables Group, Good Energies, Citigroup Inc (C.N), PCG Clean
Energy & Technology Fund LLC, Nazarian Enterprises, CalPERS,
Argonaut Private Equity and Credit Suisse Group Ltd CSGN.VX.
(Reporting by Ayesha Rascoe in Washington and Nichola Groom
in Los Angeles; editing by Marguerita Choy and Andre Grenon)