$1.4bn U.S. guarantee for California CSP-Tower solar power

source: reuters.com | brightsourceenergy.com

Construction on the first Ivanpah plant is expected to begin 2010, with commercial operations beginning in 2012. All three plants are expected be on line by 2014.

Loan Guarantee

The loan guarantee is conditioned on BrightSource meeting financial and environmental requirements, including local, state and federal regulatory approvals. BrightSource has run into trouble from environmental groups who are concerned that the construction would harm desert plants and wildlife, including the desert tortoise.

TO RAISE EQUITY FINANCING

The company, which counts search giant Google and Silicon Valley fund VantagePoint Venture Partners among its investors, already has contracts to deliver more than 2,600 megawatts of power to California utilities PG&E Corp (PG&E) and Edison International's Southern California Edison (SCE).PG&E will purchase approximately two-thirds of the power generated at Ivanpah and SCE will purchase approximately one-third.