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The plant, called Solana, will be located in Arizona and will be the first large-scale operation capable of storing the energy it produces. It will also create up to 1,700 new jobs.
"As the world's largest solar plant of its kind, the Abengoa's Solana project is playing an important role in creating jobs and clean energy for Arizona as well as fostering innovation in the U.S.," said Energy Secretary Steven Chu. "As today's announcement and other recent announcements of completed loan guarantees for wind and solar projects demonstrate, the Department's loan program is gaining momentum, creating jobs in communities across the country while putting us on the path to a clean energy future."
The loan is part of the Department of Energy's clean energy initiative which has contributed $16.5 billion in loans and grants to 16 clean energy projects. In total the projects are expected to produce over 37 million megawatt-hours of energy, enough to power over 3.3 million homes.
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