Fotowatio Renewable Ventures has moved a step closer to building a 20 MW solar PV plant in Nevada, the second largest in the state.
They received a $45.6 million loan guarantee from the Department of Energy (DOE).
The project is for a site 25 miles outside Las Vegas, Nevada, and will create 250 solar energy jobs at peak construction. More than 90,000 polycrystalline silicon modules will be attached to single-axis horizontal tracker systems.
Nevada Power Company is buying the electricity, which will supply over 4,700 homes.
DOE's loan guarantee programs give financiers confidence in lending to innovative technologies that avoid, reduce or sequester greenhouse gas emissions. Because of budget cuts, the program has stopped accepting new applications and the remaining funding is expected to be allocated by the end of September.
To date, the program has committed over $8 billion in loan guarantees to solar projects. DOE has also committed financing to support numerous other projects, such as four of the world's largest solar projects, two geothermal projects, the world's largest wind farm and the nation's first new nuclear plant in three decades.
Republican lawmakers this week released a budget proposal that would cut an additional $1 billion in funding for renewable energy projects.
