A large-scale Nevada solar power project received a conditional give of $737 million in Department of Energy loan guarantees yesterday, as DOE races to a Sept. 30 deadline for project financing inside a slow-moving plan.

The Crescent Dunes Solar Energy Project, underneath advancement by Santa Monica, Calif.-based SolarReserve LLC, was offered the loan for a 110-megawatt project to be constructed 14 miles from Tonopah on land leased from the Bureau of Land Management.

The strategy would be to use molten salt to shop energy in a concentrating solar power (CSP) setup, which makes it possible for for energy generated from the sun to be stored for access when the sun isn’t shining.

“Nevada continues to be a leader in terms of the generation of renewable energy, and this project won’t only develop hundreds of jobs in the state but will also bring added clean energy towards the area,” Energy Secretary Steven Chu mentioned inside a statement.

The project, which was awarded beneath a DOE plan for innovative technologies, is going to be the tallest such tower on the planet, at 640 feet, along with the very first within the Usa, based on DOE.The power storage system relies on energy focused from the sun via 17,500 heliostatic mirrors to melt salt, which can retailer that energy as heat for up to 10 hours. The technologies has been demonstrated at DOE’s National Renewable Energy Laboratory, officials mentioned.

DOE said the new facility is expected to create about 500,000 megawatt-hours of power annually, or adequate to run much more than 43,000 houses, equivalent to about a fifth of the energy generated by an regular American coal-fired power plant.