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SolarReserve Raises $140 Million For Utility Scale Solar Thermal Plants

SolarReserve, a developer of utility scale renewable energy solar power plants, announced recently that it has closed a second round of funding totaling $140 million. According to the company, the additional funds will enable the company to advance its development of more than 5,000 megawatts (MW) of utility scale power plants in locations across the globe, each ranging in size from 50MW to 300MW. The financing was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies, one of the largest private investors in the solar industry. Other investors include US Renewables Group, the founding investor in SolarReserve, along with PCG Clean Energy & Technology Fund (CETF), Nimes Capital, LLC and Credit Suisse.

SolarReserve is a Santa Monica, California based energy company that holds the exclusive worldwide license to the market leading molten salt power tower solar technology developed by the Rocketdyne division of Hamilton Sundstrand, a wholly-owned subsidiary of United Technologies Corp. SolarReserve is developing power plants that generate electricity from the sun's heat. These solar thermal power plants can capture the sun's thermal energy, store that energy in molten salt and then transform that heat into steam-driven turbines that generate fully dispatchable electricity. The molten salt is heated by concentrating the sun's energy, via thousands of heliostats (or mirrors), on to a central receiver and is so efficient that the energy can be stored for use during times when direct sunlight is unavailable, allowing for 24-hour-a-day power availability. The system is completely self-sustaining and emissions free – no fossil fuels are required.

According to Dr. J. Michael McQuade, Senior Vice President, Science & Technology at United Technologies Corp., which is among the largest technology companies in the world: "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.”