Solar energy project awarded $337mn loan guarantee

The U.S. Department of Energy (DOE) finalized a $337 million loan guarantee to help finance the 150 MW Mesquite I solar photovoltaic power plant in Arizona.

The project, owned by Sempra Energy (NYSE: SRE), will use solar panels made by China-based Suntech Power (NYSE: STP) in Arizona. The total project is expected to be 700 MW and cost $2 billion.

Construction is expected to begin in 2011 and be competed by 2013. Pacific Gas & Electric Co. (NYSE: PCG) signed a 20-year power purchase agreement for the output from the plant.

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