Published on April 11th, 2012 | by Charis Michelsen6
Antelope Valley’s “Solar Ranch One” Gets Financing
April 11th, 2012 by Charis Michelsen
The massive solar farm slated to be built in Antelope Valley, Solar Ranch One, just received its first loan advance this week. Exelon Corporation and First Solar, Inc. also announced that the received loan was guaranteed by the U.S. Department of Energy’s Loan Programs Office, and Exelon is now officially the owner of the project.
First Solar, a world leader in solar module manufacturing, will be providing the hardware. Exelon, headquartered in Chicago, is one of the nation’s leading competitive energy providers — as well as BGE in Maryland, ComEd in Illinois, and PECO in Pennsylvania. The joint project is expected to further the growth of solar power in the U.S. and around the world.
Solar Ranch One
The solar project, named Solar Ranch One, is one of the largest in the world. It’s a 230-megawatt project that is supposed to generate enough electricity to power 75,000 average California homes (yes, energy consumption was calculated specifically for California). It will also enable a reduction of 140,000 (metric) tons of carbon emissions per year, with the only waste production created during the actual production of the solar panels (a minimal amount compared to other power options).
As the loan advancement has now been received, the first part of the array is scheduled to go online later this year. The array is expected to be fully operational by the end of next year, and the California Public Utilities Commission has approved a 25-year power purchase agreement for the full output of the plant.
Whether or not the plant functions at the expected capacity, hopefully the ambitious project will act as something of an example for the solar industry.
Questions or comments? Please let us know below.
Source: First Solar
Image: Wikimedia Commons
Drive an electric car? Complete one of our short surveys for our next electric car report.
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.