US DOE offers USD-1.2bn loan guarantee for SunPower solar project
Oct 3, 2011 - The US Department of Energy last week said it had provided a USD-1.237-billion (EUR 929m) loan guarantee to US photovoltaic (PV) equipment maker SunPower Corp (NASDAQ:SPWRA) for its 250-MW project in the state of California.
The California Valley Solar Ranch is currently under construction. When operational, the PV project will produce enough electricity to supply 64,000 households and save 425,000 tonnes of carbon dioxide emissions a year. Utility Pacific Gas and Electric Co will buy the project's output under a power purchase agreement.
The solar plant will use single axis trackers with a wireless tracker monitoring and control (TMAC) system to adjust the PV modules towards the sun. The technology will improve annual output by 25% compared with conventional fixed PV systems, the DOE said.