Abengoa secures USD 1.2bn loan guarantee for CSP plant in USA
Sep 14, 2011 - Abengoa Solar, part of engineering company Abengoa (MCE:ABG), announced today it had secured a USD 1.2 billion (EUR 879m) loan guarantee to build a concentrating solar power (CSP) plant near Barstow, California, the USA.
The Department of Energy, through the Loan Programs Office, issued the loan guarantee for the construction of the 280 MW Mojave Solar Project, which will need a total investment of around USD 1.6 billion.
The facility will create more than 900 jobs during its construction and work and over 1,000 direct and indirect service and manufacturing jobs throughout the supply chain.
The construction has already begun and the CSP plant is planned to start working in 2014.
Moreover, Abengoa has signed a power purchase agreement with Pacific Gas & Electric, part PG&E Corporation (NYSE:PCG), to buy the energy produced by the Mojave solar plant for a period of 25 years. The agreement, however, is pending approval by California Public Utilities Commission (CPUC).