FREDERICK, MD - May 11, 2011
Bechtel Receives Full Notice to Proceed for Ivanpah Project
BrightSource Energy has issued a Full Notice to Proceed to Bechtel for the Ivanpah Solar Electric Generating Facility Project in Southern California after successfully achieving financial close for the project. This milestone culminates a four year effort by BrightSource to permit and fully fund the project, which is now financed with a combination of U.S. Department of Energy loans totaling $1.6 billion, and major equity investments in the project of $300 million from NRG Solar and $168 million from Google. Bechtel started engineering design for the project in August 2009 and mobilized to the field under a Limited Notice to Proceed in October 2010 when permits were received. Completion of the three solar plants totaling 392 megawatts is scheduled for 2013.
Read the BrightSource release.