Abengoa Solar gets $1.45 billon loan from US
Spanish engineering and renewable energy company Abengoa SA (ABG.MC) has been granted a $1.45 billion loan guarantee through the U.S. Department of Energy to assistance construction of a 250-megawatt solar plant in Arizona, the company mentioned Saturday.
Subsidiary Abengoa Solar Inc. stated that the Solana plant, which is going to be 70 miles southwest of Phoenix, will create adequate energy to serve 70,000 households. Construction from the plant will begin this year, Abengoa Solar Chief Executive Santiago Seage said.
The plant is set to go onstream by mid-2013. Abengoa Solar has agreed to sell the energy produced through the Solana plant to APS, the state’s largest electric utility, for 30 years.