Report: US DOE to release loan guarantee for First Solar’s Antelope Valley project

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Just days after First Solar advised that its US$646 million US DOE loan guarantee for its Antelope Valley solar installation was in jeopardy due to permitting issues; Bloomberg is reporting that the company has resolved the permit issue with Los Angeles County.

The US$1.36 billion Antelope Valley Solar Ranch One plant is funded in part by a US$646 million US DOE loan guarantee. However, earlier this month First Solar advised that an outstanding construction permit issue was putting a hold on the project, leading the DOE to freeze the financing.

Dan Ries, an analyst at Collins Stewart, speculates that funds from the loan guarantee should start to be released in the coming weeks. First Solar sold the 230MW Antelope Valley project to Exelon for US$75 million in September, which in turn intends to invest as much as US$713 million into the solar project.

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