SolarReserve, a developer of utility-scale solar power plants, has closed a second round of funding totaling $140 million. 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 company said.
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.
"Our investment in SolarReserve is part of Citi’s continued commitment to address climate change," stated Citi’s R. Andrew de Pass, Managing Director and Head of SDI. "The technology backing by United Technologies Corp. (NYSE: UTX) and 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."
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 subsidiary of United Technologies Corp.
SolarReserve is developing solar thermal power plants that 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.
"We’re turning the sun into the solution," said Terry Murphy, President and CEO for SolarReserve. "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 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."
About SolarReserve
SolarReserve was formed by US Renewables Group, a private equity firm focused exclusively on renewable energy. SolarReserve now holds the exclusive worldwide license to build Solar Thermal Electric Generation (STEG) plants that use equipment manufactured and guaranteed by United Technology Corp. subsidiary, Hamilton Sundstrand through its Rocketdyne division. More than $100 million has been invested to date by Rocketdyne, the US Department of Energy and others in the design and manufacture of these components. Hamilton Sundstrand brings a broad base of experience in building the most reliable power systems in the world and supports a multitude of other programs to support the further development and implementation of the technology.
The SolarReserve team, both solely and in cooperation with other energy firms, is developing a portfolio of opportunities to deploy solar energy plants in the United States, Europe, Africa, the Middle East, Latin America and Australia.
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