Loan Guarantee Program
In September 2011, the Department of Energy announced a $646 million loan guarantee to support the construction of the Antelope Valley Solar Ranch 1 (AVSR1) Project, a 230 MWac (net) photovoltaic (PV) solar generating plant currently under construction. Exelon owns the plant, which is expected to be operational in December 2013. The project is located in Los Angeles County, CA. Power will be sold under a 25-year Power Purchase Agreement with Pacific Gas & Electric Company (PG&E). The project features First Solar’s (FSLR) thin-film cadmium-telluride (CdTe) solar modules. First Solar is an engineering, procurement, and construction contractor and has a 25-year contract in place for the Operations and Maintenance of the plant.
The AVSR1 project will feature utility-scale deployment of the innovative Fault Ride Through inverters (FRT) with Dynamic Voltage Regulation (DVR). The inverters enable the project to provide more stable and continuous power, increasing the reliability of large-scale solar power plants. The project also features First Solar’s (FSLR) thin-film cadmium-telluride (CdTe) solar modules. The majority of the modules will be mounted on fixed racks, and approximately 20% of the project will be mounted on single-axis tracking racks.
The AVSR1 project is expected to create 350 constructions jobs and 20 permanent jobs. At project completion, 3.7 million solar modules will be installed at the project.
First Solar spent more than $1 billion in 2011, with U.S. suppliers across 38 states; and the Antelope Valley Project has used more than 30,000 metric tons of American steel. When operational in 2013, Exelon will displace nearly 250,000 metric tons of carbon dioxide annually, equivalent to the emissions of at least 60,000 vehicles. Exelon will help California meet its goal for utilities to secure at least 33% of their electricity from renewable sources by 2020. The project will serve the energy needs of 42,700 Southern California homes per year.