California solar project gets $1.4 billion U.S. guarantee

Technology News (Feb 23 2010) Fossil Fuel

1. The United States on Monday gave its biggest backing yet to a renewable energy project, guaranteeing $1.37 billion in loans for a California development by BrightSource Energy that uses the sun's heat to power a steam turbine. BrightSource's proposed solar thermal plants are expected to generate about 400 megawatts of electricity and power about 140,000 California homes, giving it the heft to compete with plants fueled by coal and natural gas. President Obama's administration has touted green energy investments as a way to create jobs and increase international economic competitiveness. "We're not going to sit on the sidelines while other countries capture the jobs of the future--we're committed to becoming the global leader in the clean energy economy," Energy Secretary Steven Chu said in a statement. (Read Full Article)

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