星期四, 26 12 月, 2024
Home PV News SolarReserve snags $737M loan guarantee for solar power tower

SolarReserve snags $737M loan guarantee for solar power tower

Solar power energy startup SolarReserve is now the second major solar power company to secure a high-profile investment and move forward on a large solar power plant.


The company uses a huge array of mirrors to focus heat on a point on a large tower. The heat from the focused sunlight is used to boil water, creating steam that moves conventional turbines to generate electricity. It's an alternative to traditional solar power projects that use large arrays of photovoltaic cells to capture sunlight and convert it to electricity. The idea is reminiscent of the Archimedes Death Ray, an oft-used trope in popular culture.


SolarReserve was able to secure a $737 million loan guarantee from the U.S. Department of Energy. A loan guarantee helps companies attract buyers and investors for new renewable energy projects. Basically, it means the government will foot the bill if the project does not take off or is unable to get some kind of return for the investors. It's one of the ways the U.S. government is promoting renewable energy sources.


The new project will be built around 220 miles northwest of Las Vegas, Nev., and will generate 110 megawatts of power. The mirrors heat molten salt to around 1,050 degrees Fahrenheit, which then heats up water that powers a traditional steam turbine. The salt takes a while to cool down, so the solar power tower is able to continue producing heat and electricity into the evening even after the sun has set.


BrightSource, the other major solar power tower developer, filed to go public Friday to raise up to $250 million. Search giant Google also invested $168 million in the company's massive Ivanpah solar power tower plant. One of the largest risk factors cited was whether the company could effectively wash and clean those mirrors every two weeks. The company lists the mirror cleaning technology as "largely unproven," and said it may perform well below expectations.


While solar power towers are largely unproven sources of renewable energy, there are a few proof-of-concept projects. Two solar power towers deployed in California already show that the technology worked. The two towers generated 38,000 megawatt hours of electricity while they were active between 1982 and 1988. The average home in the U.S. uses around 920 kilowatt-hours of electricity each month. There are also a few active solar power towers in Spain, which generate around 50 megawatts.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Liu Zhuo, Sales Manager of TBEA, delivered a speech titled “Green Energy Makes Life Better” at COP16

On the afternoon of December 9, Liu Zhuo, Sales Manager for the Middle East Region at TBEA, delivered a speech titled "Green Energy Makes...

Side Event Themed “Solar empowers land and People from scarcity to prosperity:Integrated Solutions for water, food and ecosystems” took place at COP16

The side event of the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD) (COP16) "Solar empowers land and People from...

COP16 China Pavilion Side Event Series Report: Wang Weiying of China Renewable Energy Engineering Institute Proposed Coordinated Development of Renewable Energy and Ecology in...

The China Pavilion held a side event with the theme of "Planning and Ecological Design of Solar PV Power Stations in Desert Areas" on the...

Gao Sheng of Gaoming Technology said Solar greenhouses promote the development of agriculture in desertified area at COP16

The 16th Session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD) (COP16) "Off-grid Solar Energy Empowers...