BrightSource Wins $1.4 Billion Loan Guarantee (BP, GOOG, MS, CVX)
The U.S. Department of Energy has awarded a $1.4 billion loan guarantee to BrightSource Energy Inc. According to a DoE spokesperson, this is the largest-ever loan guarantee for a renewable energy project by the federal government. The loan guarantee is for building three concentrated solar power plants in the Mojave Desert.
BrightSource Energy is expected to generate 392 megawatts of electricity at the plant, which will be enough for fulfilling 140,000 homes’ energy requirements. The plants are to be built on federal land in California. The Energy Secretary released a statement saying, “This is an investment in American Jobs and the clean, renewable energy our economy needs." BrightSource Energy is backed by BP (NYSE: BP), Google (NASDAQ: GOOG), Morgan Stanley (NYSE: MS) and Chevron (NYSE: CVX).
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