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SolarReserve Closes Round Of Funding To Develop Solar Energy Projects
Los Angeles CA (SPX) Sep 17, 2008 SolarReserve has announced that it has closed a second round of funding totaling $140 million. The additional funds will enable the company to advance its development of more than 5,000 megawatts (MW) of utility scale power plants in locations across the globe, each ranging in size from 50MW to 300MW. The financing was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies, one of the largest private investors in the solar industry. Other investors include US Renewables Group, the founding investor in SolarReserve, along with PCG Clean Energy and Technology Fund (CETF), Nimes Capital, LLC and Credit Suisse. "Our investment in SolarReserve is part of Citi's continued commitment to address climate change," stated Citi's R. Andrew de Pass, Managing Director and Head of SDI. "The technology backing by United Technologies Corp. and the ability of the system to store energy differentiates SolarReserve from other alternative technologies and has the ability to replace conventional fuel burning power plants." "SolarReserve possesses the leading utility scale, solar thermal technology as well as a world class development team to bring this technology to the market," stated John Breckenridge, Managing Director for Good Energies. "This additional funding provides SolarReserve with the financial resources to aggressively pursue the expanding market for large scale solar energy projects. Good Energies is excited to bring SolarReserve financial support and access to our global renewable energy network." SolarReserve is a Santa Monica, California based energy company that holds the exclusive worldwide license to the market leading molten salt power tower solar technology developed by the Rocketdyne division of Hamilton Sundstrand, a wholly-owned subsidiary of United Technologies Corp. SolarReserve is developing power plants that generate electricity from the sun's heat. These solar thermal power plants can capture the sun's thermal energy, store that energy in molten salt and then transform that heat into steam-driven turbines that generate fully dispatchable electricity. The molten salt is heated by concentrating the sun's energy, via thousands of heliostats (or mirrors), on to a central receiver and is so efficient that the energy can be stored for use during times when direct sunlight is unavailable, allowing for 24-hour-a-day power availability. The system is completely self-sustaining and emissions free - no fossil fuels are required. "We're turning the sun into the solution," said Terry Murphy, President and Chief Executive Officer for SolarReserve. "Our facilities are engineered by the same team at Rocketdyne that built the Space Station power systems, the Space Shuttle main engines and the Apollo moon rocket propulsion systems. The molten salt power tower was thoroughly validated by the Department of Energy at the Solar Two pilot plant and it's ready for worldwide deployment." According to Dr. J. Michael McQuade, Senior Vice President, Science and Technology at United Technologies Corp., which is among the largest technology companies in the world: "This technology is indeed proof that we can provide sustainable, clean energy from our world's most truly renewable source: the sun, and is an exciting example of United Technologies' commitment to a greener future." Community Email This Article Comment On This Article Share This Article With Planet Earth
Related Links SolarReserve Good Energies All About Solar Energy at SolarDaily.com
Suniva Produces Super Efficient Screen Printed Solar Cells
Atlanta GA (SPX) Sep 17, 2008Suniva has announced that its R and D team has developed several silicon solar cells in its lab with over 20% conversion efficiencies using a patented combination of simple cell designs and screen printing technologies. |
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