First Solar and Exelon are in the last stages of finalizing documentation with the U.S. Department of Energy for a loan guarantee for the 230 MW solar project, Frank De Rosa, senior v.p. of First Solar, told PI on the sidelines of the Platts 27th Global Power Markets conference.
The DOE committed to funding the Antelope Valley Solar Ranch 1 project in the summer, but the $646 million loan was initially held up by construction permit issues. The deadline for funding from the DOE is set for Apr. 6, says a spokesman for Exelon.
Antelope Valley has a power purchase agreement with Pacific Gas & Electric. Exelon agreed to buy the project at the end of the third quarter on the condition that the DOE would provide the loan.
An official for the DOE declined to comment on the timeline of disbursing the loan.