LANCASTER – U.S. Energy Secretary Steven Chu announced Friday that the Department finalized a $646 million loan guarantee to AV Solar Ranch 1, LLC.
The loan guarantee will support the Antelope Valley Solar Ranch 1 Project, a 230 megawatt (MW) solar farm to be located at 170th Street W and Avenue E in North Antelope Valley. The project, recently acquired by Exelon Corporation, is anticipated to fund 350 construction jobs and 20 operations jobs.
“Innovation and investments in America’s clean energy future are critical to our continued competitiveness in the global market,” said Secretary Chu. “Solar generation facilities, like the Antelope Valley Solar Ranch, helps make solar power more reliable and cost effective, supplies clean energy to local utilities, and funds hundreds of new jobs in the region.”
The facility is expected to generate over 622,000 megawatt hours of electricity per year, equivalent to powering over 54,000 homes, and will avoid over 350,000 metric tons of carbon dioxide emissions annually. The Antelope Valley Solar Ranch 1 Project is supported by a power purchase agreement to sell the power it will generate to Pacific Gas & Electric Company.
To date, the Energy Department has issued loans, loan guarantees or offered conditional commitments for loan guarantees totaling nearly $40 billion to support more than 40 clean energy projects across the United States.