BrightSource Energy has closed financing for the Ivanpah Solar Electric Generating System in California. Ivanpah is the world‘s largest solar project under construction and is scheduled for completion in 2013. The project is a 370 MW solar power facility consisting of three separate solar thermal power plants. As part of the financing, BrightSource finalized $1.6bn in loans guaranteed by the U.S. Department of Energy‘s Loan Programs Office. The company also announced that Google will join NRG Solar LLC and BrightSource as an equity investor in the project by making a $168m investment. In October 2010, NRG Solar LLC, a wholly owned subsidiary of NRG Energy, announced its commitment to invest up to $300m to become the lead investor in the project. NRG‘s investment commitment coincided with BrightSource‘s engineering partner, Bechtel, commencing construction on the project. The project received its state permits from the California Energy Commission and federal permits from the BLM in September and October 2010, respectively.
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