DOE Offers $4.5 Billion in Guarantees for 3 First Solar Projects

July 1st | Sustainable Business News

The US Department of energy is offering conditional commitments for loan guarantees of approximately $4.5 billion to support three enormous solar farms sponsored by First Solar (Nasdaq: FSLR) in the Southwest.

It's the largest amount offered to a single US cleantech company to date.

The three projects combined have a planned capacity of 1,330 megawatts (MW) and are expected to create more than 1,400 solar energy jobs during peak construction.

The projects will employ more than 20 million of First Solar's Cadmium Telluride (Cd-Te) thin film photovoltaic (PV) modules.

First Solar, Inc., which is headquartered in Tempe, Arizona, will make the modules in a new manufacturing plant that has begun construction in Mesa, Arizona, as well as in its recently expanded manufacturing plant in Perrysburg, Ohio.

The offerings break down as follows:

A conditional commitment for a $680 million loan guarantee to support the Antelope Valley Solar Ranch 1 project
Conditional commitments for partial loan guarantees of $1.88 billion in loans to support the Desert Sunlight project
Conditional commitments for partial loan guarantees of $1.93 billion in loans to support the Topaz Solar project

Antelope Valley Solar Ranch 1 is a 230 MW project in the Western Mojave Desert, approximately 80 miles north of Los Angeles, California. Power from the project will be sold to Pacific Gas & Electric Company.

Desert Sunlight is a 550 MW project located on land managed by the Bureau of Land Management in eastern Riverside County, California. Project construction will take place in two phases; Phase I will generate 300MW of power, which will be sold to Pacific Gas & Electric Company, while Phase II will generate 250 MW of power, which will be sold to Southern California Edison.

The $1.88 billion in loans that are partially guaranteed by DOE will be funded by a syndicate of institutional investors and commercial banks led by lead lender and lender-applicant, Goldman Sachs Lending Partners LLC, which submitted the project under the Financial Institution Partnership Program (FIPP), and Citibank N.A. as co-lead arranger.

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