The Genesis power project is a parabolic trough concentrating solar power (CSP) plant located on land managed by the Bureau of Land Management in Riverside County.
The CSP facility is expected to generate enough electricity to power about 48,000 homes and avoid over 320,000 metric tons of carbon dioxide emissions annually.
Pacific Gas and Electric company will purchase the electricity generated by the solar power project.
The power project is sponsored by NextEra Energy Resources and financed by Credit Suisse, which submitted the application under the Financial Institution Partnership Program (FIPP).
Through FIPP financing, the DOE guarantees about 80% of the eligible costs of a loan provided to a renewable energy project by qualified financial institutions.
