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U.S. offers solar project a crucial loan guarantee

The United States Department of Energy offered a $1.37 billion loan guarantee on Monday to a California company planning to build a large-scale solar power plant in the Southern California desert.

The loan guarantee for BrightSource Energy of Oakland, Calif., is the largest the department has given for a solar power project. BrightSource’s planned project, the Ivanpah Solar Electric Generating System, is the first utility-scale solar power plant to undergo licensing in California in nearly two decades.