DOE Awards $90 Million Loan Guarantee For Colorado Solar Project

coloradoflag DOE Awards $90 Million Loan Guarantee For Colorado Solar Project

The United States Department of Energy (DOE) continues to support utility-scale solar power projects announcing that it has granted a conditional loan guarantee of US$90.6 million to independent power producer Cogentrix Energy LLC

The funding will be used to build a 30 MW High Concentration SolarPhotovoltaic (HCPV) generation project located just outside Alamosa,Colorado.

According to Cogentrix, the solar project will employ amulti-junction solar cell technology that is 40% more efficient thantraditional photovoltaic panels.

When construction is complete the Alamosa Solar Generating Projectwill be the largest of its kind in world, generating enough electricityto power 6,500 homes. In August 2010 Cogentrix announced that it entered into a long term power purchase agreement with Xcel Energy Inc (NYSE: XEL) subsidiary Public Service Company of Colorado (PSCo) the electricity generated by the solar farm.

With the addition of the Alamosa Solar Generating Project to itsfunding list, the DOE has now awarded over US$7.5 billion in loanguarantees for solar power projects in the U.S.

"Colorado has long been a leader in the development and deployment of renewable energy, and this project builds on that record," said EnergySecretary Steven Chu. 

He continued, "By deploying an innovative, commercially-readytechnology at utility scale, the Alamosa Solar Generating Project isincreasing the generation of clean, renewable power, creating jobs andstrengthening the U.S. economy."

Original Article on EnergyBoom