Soylindra II?
http://blogs.reuters.com/environment...r-power-plant/
Inoming Yoni rant in 3........2........1.......The federal government has signed off on another big solar power plant, approving a land lease Monday for SolarReserve’s 110-megawatt Crescent Dunes Solar Energy Project in Nevada that will store energy for up to eight hours after the sun sets.
EDIT: This link gives an actual dollar figure. Sorry for the confusion.
http://www.forbes.com/sites/toddwood...r-power-plant/
Says it's 737 million.
Last edited by Agloco; 10-08-2011 at 04:44 PM. Reason: Distracted by a nude woman
No rant...
I didn't see that it has a large loan or anything. If that exists, then where is such a link. What I see it that the have approval for the project on leased federal land.
I am skeptical of the cost of the energy resulting from such systems, but at least the technology is sound.
Hmmmm.....maybe my fault. I saw on CNN that the government gave another 700 million.
At any rate, I need to look at this again.
If there was a demand for this company's product, it wouldn't need taxpayer money.
The government has no business loaning business money.
Sorry for the confusion. Maybe this is a better one?
http://www.forbes.com/sites/toddwood...r-power-plant/
Says it's 737 million.
Better for govt to loan money to infrastructure projects than to the financial sector.
OK, Now I'm pissed.
We can't be throwing that type of money around when when the potential for return is uncertain. At what rate is this companies claim they can sell power for? I doubt it's compe ive.
If the project has sound numbers, there are plenty of capital adventurists who will supply the money.
Maybe they should ask Buffett for the money. Since he doesn't think he pays enough in taxes, maybe he should just grant them the money.
Um, you do know the company is selling electricity, right?
Last I checked, there is a good demand for that particular product.
Secondly, there weren't any loans given to the company, dip . RTFA
Then private investors should be lined up to underwrite the effort.
Obama administration grants $737 million for a 24/7 solar power plant
Looks like a duck to me.The Obama administration on Thursday offered Santa Monica solar startup SolarReserve a $737 million loan guarantee to build a 110-megawatt solar thermal power plant in Nevada that can generate electricity 24 hours a day.
You mean you think they will drown?
I have no idea, I just wish it were being done with people's money who had a choice in their investment.
LOL...
Just mixing it up with the sedated duck drownings.
That was ing hilarious. Except for the ducks, of course.
A word that should never appear in conjunction with government expenditures.
Not really. This is more of a larger scale up of a R & D project that has been ongoing for the better part of a decade or so.
Worst case scenario is that this produces electricity at a higher than market rate. Hardly a prescription for disaster.
Note that is the worst case scenario. I would imagine, given the involvement of the large investors underwriting this, that the chances of it losing money is fairly remote. The chances of it doing s up, ala Soylindra practically zero.
SolarReserve has good relations with some deep pockets, and has been around since the late 1990's.
Energy. It's in demand last I checked.
And, currently, there is a cheaper way to get it.
If this project were worth having, the private sector would pay for it.
200 page plan of development, that you are probably going to be too lazy to read as well:
http://www.tonopahsolar.com/pdfs/Ton...2009_11_23.pdf
3. APPLICANT FINANCIAL AND TECHNICAL CAPABILITY
SolarReserve, doing business as “Tonopah Solar Energy, LLC”, is a Santa Monica, California based energy company formed by US Renewables Group, a private equity firm focused exclusively on renewable energy. SolarReserve now holds the exclusive worldwide license to build solar plants that use
equipment manufactured by United Technology Corporation’s subsidiary, Hamilton Sundstrand, through its Rocketdyne division. More than $100 million has been invested to date by Rocketdyne, the US Department of Energy and others in the design and manufacture of these components. Hamilton Sundstrand brings a broad base of experience in building the most reliable power systems in the world and supports a mul ude of other programs to support the further development and implementation of the technology.
US Renewables Group (USRG) is one of the largest private equity firms focused exclusively on investing in renewable power, biofuels and clean technology infrastructure. USRG was founded in 2003 and has mobilized $575 million of capital commitments and has made 17 diversified investments across two funds. USRG has offices in Los Angeles and New York.
The SolarReserve team, both solely and in cooperation with other energy firms, is developing a portfolio of opportunities to deploy solar energy plants in the United States, Europe, Africa, the Middle East, Latin America and Australia. The SolarReserve management team has successfully developed more than $7 billion in electricity generation projects at previous companies. This includes solar and wind energy projects as well as natural gas, cogeneration, and biomass-fired electricity generating facilities located in
the United States and more than a dozen countries around the world.
SolarReserve recently closed a second round of funding totaling $140 million. The additional funds will enable the company to advance its development of utility scale power plants in locations across the globe.
The financing was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies, one of the largest private investors in the solar industry. Other investors include US Renewables Group, the founding investor in SolarReserve, along with PCG Clean Energy & Technology Fund (CETF), Nimes Capital, LLC and Credit
Suisse.
The estimated cost of the project, including the transmission line and substation upgrades, is between
$700 million and $800 million dollars and is generally broken down into the following cost areas:
30% Receiver, Tower, Salt Tanks & Heliostats
18% Steam Turbine Generator and Steam Generation
6% Cooling System and Water Treatment
7% Miscellaneous Process Equipment
9% Electrical and Instrumentation
TONOPAH SOLAR ENERGY, LLC REV 2; 11/21/09
N-86292
CRESCENT DUNES SOLAR ENERGY PROJECT PAGE 11
2% Civil and Site Work
10% Structural
2% Buildings
11% Piping & Instrumentation
5% Mechanical Utilities.
Tonopah Solar Energy has already invested substantial resources for this project, including filing of an interconnection request and engaging qualified engineering and environmental consultants to support development efforts.
The project will be financed through a combination of private equity and debt financing. SolarReserve will also seek to be eligible for the American Recovery and Reinvestment Act and government Loan Guarantee programs. Project financing arrangements will be formalized upon receipt of final permits and
a Power Purchase Agreement (PPA) approved by the Public Utilities Commission of Nevada.
Additional contributors to this POD are as follows:
• WorleyParsons —WorleyParsons has provided engineering support to a broad portfolio of clients in the
utility-scale solar energy field, including utilities, major IPPs, and recently formed ventures.
WorleyParsons’ staff has extensive experience with all four types of concentrating solar technologies.
Solar power staff has been involved in the design, construction, and operation of nineteen concentrating
solar power facilities including the nine SEGS plants in Southern California, six dish/Stirling solar power systems, Solar I and II power tower systems and two compact linear reflecting Fresnel systems. Worley Parsons is currently completing solar plant engineering for FPL Energy and other project developers.
Their world-class conventional power engineers have the capability to design and build the power block of solar power facilities rapidly and at a minimum cost. They also have experience with flat-plate and concentrating photovoltaic systems. Worley Parsons capabilities include solar resource assessment and site selection, plant design point and annual performance simulation, plant design and cost estimating, construction management, acceptance testing, and plant O&M. WorleyParsons will provide engineering
services throughout the project's life from concept selection, plant configuration tailored to match utility load, preliminary engineering and detailed design. WorleyParsons commenced operations over 25 years
ago and now employs 32,200 personnel in 118 office locations in over 38 countries and has an established track record of successfully executing major projects for its customers.
I don't want the government guaranteeing loans either. Particularly after Solyndra...that was a loan guarantee, right?
If it's a viable project, it doesn't need government support.
Essentially what you have here is the US government is backstopping the loans, making the cost of capital a bit cheaper than it would have been otherwise.
Exactly the kinds of technology the government should be in the business of supporting.
Long term R & D projects are not something that finance CEO's worried about next quarter's profits and their own stock options like to underwrite.
Your vision of what should and shouldn't be financed leads to ceding technological and economic advantages to countries with the long-term vision to do so.
Why do you hate America?
If it were worth doing, the private sector would do it.
You have me in the crushing grip of reason, sir. Well played.
The private sector is doing it, as I pointed out. I have no problem with the US Government underwriting and supporting long term R & D in energy technologies, as the benefits are pretty clear from an economic standpoint.
Don't you get tired of repeating the same tired, debunked ideas over and over, Cosmored?
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