Construction of the project is scheduled to start this summer, with operations slated to begin in late 2013. SolarReserve says the loan guarantee offer is a "critical step" in the projects progress.
Upon completion, the company says its project will be the largest molten salt power tower project in the world, and will provide electricity to approximately 75,000 homes during peak electricity periods.
In total, over 600 on site jobs are expected to be created, in addition to more than 4,300 direct and indirect jobs in the facility supply chain. Furthermore, SolarReserve says that 45 full time operational staff will be employed.
"The DOE conditional loan guarantee commitment is a substantial milestone in the continuing and successful development of the Crescent Dunes Solar Energy Project," commented Kevin Smith, CEO of SolarReserve.
SolarReserves Crescent Dunes Solar Energy Project, located in Nye County, near the town of Tonopah, was approved by Interior Secretary Ken Salazar to construct and operate the facility on public land in December 2010.