$140 MIL TO SOLAR POWER PLANTS

Look at the GIANTS of finance buying into the technology of solar power plants! Citi, Credit Suisse, Good Energies, US Renewables, PCG Clean Energy, Nimes Capital…

Even as once-omnipotent Wall Street financial institutions struggle to preserve liquidity, somewhow money is finding its way into solar power plant development.

SolarReserve’s 2nd round of venture financing brought in $140 million to facilitate their plans for 5,000+ megawatts of utility-scale projects (50-to-300 megawatts) around the world.

What does this say about the viability of the technology and about the future of grid power generation? No wonder the company principals are thinking in terms of the space program.

Terry Murphy, President/CEO, SolarReserve: “We’re turning the sun into the solution…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 SolarReserve technology, based on the solar power tower concept, incorporates cutting edge energy-storage concepts to allow solar energy-generated electricity to be dispatched 24/7 and on demand.

Terry Murphy, President/CEO, SolarReserve: “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.”

What financial downturn?

A solar power tower solar power plant. (click to enlarge)

SolarReserve, Inc. Closes $140 Million Series B Funding to Develop Solar Energy Projects; Company to Deliver Groundbreaking, Utility Scale, Solar Generated Electricity with 99 Percent Efficient Integrated Energy Storage
September 16, 2008 (Solar Reserve via Business Wire)

WHO
SolarReserve, Inc. (Terry Murphy, President/CEO); Investors (Citi Alternatives/Sustainable Development Investments (SDI) (R. Andrew de Pass, Managing Director/Head); Good Energies (John Breckenridge, Managing Director); US Renewables Group; PCG Clean Energy & Technology Fund; Nimes Capital, LLC; Credit Suisse/Customized Fund Investment Group); Hamilton Sundstrand (of United Technologies Corp. (Dr. J. Michael McQuade, Senior Vice President/Science & Technology)/Rocketdyne)

Schematic of the solar power tower concept. (click to enlarge)

WHAT
A second round of financing raised $140 million for the development of SolarReserve’s Solar Thermal Electric Generation (STEG) plants, utility-scale solar energy power plant technology.

WHEN
- STEG plants include storage capacity for 24/7 power production.
- Storage capacity also allows supplementation of output times of peak demand.

WHERE
- The SolarReserve STEG technology was licensed for worldwide development and the company is assembling a worldwide portfolio of opportunities, including plants in the U.S., Europe, Africa, the Middle East, Latin America and Australia.
- SolarReserve is based in Santa Monica, CA

WHY
- Hamilton Sundstrand, a United Technologies Corp./Rocketdyne subsidiary, developed the SolarReserve STEG technology.
- STEG heats molten salt that is used to boil water to drive turbines to generate electricity.
- The heated molten salts can also be stored under pressure for 24/7 generation or for dispatch to meet peak electricity demand.
- The molten salt is heated by thousands of heliostats (or mirrors) focused on a central receiver to generate very high temperatures.
- The STEG system is self-sustaining and emissions free.

A peak behind the scenes at a solar power plant using solar power tower technology. From postprod via YouTube.

QUOTES
- R. Andrew de Pass, Managing Director/Head, Citi/SDI: “Our investment in SolarReserve is part of Citi’s continued commitment to address climate change…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.”
- John Breckenridge, Managing Director, Good Energies: “SolarReserve possesses the leading utility scale, solar thermal technology as well as a world class development team …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.”
- Dr. J. Michael McQuade, Senior Vice President/Science & Technology, United Technologies Corp.: “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.”