SunPower Receives Loan Guarantee From The Department of Energy
SunPower Corp (NASDAQ:SPWRA) received a conditional commitment Tuesday from the U.S. Department of Energy for a $1.187 billion loan guarantee to finance its 250-megawatt solar power plant in central California, according to a Reuters report.
The company's California Valley Solar Ranch in San Luis Obispo County will generate enough electricity to power 100,000 homes and will be one of the largest photovoltaic solar power plants in the world.
SunPower will design and build, as well as initially operate and maintain the solar plant, which it plans to then sell to NRG Energy (NYSE:NRG).
NRG Solar, a subsidiary of NRG Energy, will assume all ownership and financing responsibilities for the project, subject to certain conditions.
Construction is expected to begin in the second half of 2011, contingent on permitting and financing, with some of the project beginning operations by the end of this year, and the rest coming on line in 2012 and 2013.
SunPower is trading down 0.73% to $16.27 per share.
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