WASHINGTON, May 20 (UPI) -- The U.S. Department of Energy announced it was offering a $737 loan for a Nevada solar plant that uses molten salt to capture the sun's energy.
The Crescent Dunes Solar Energy facility is expected to produce roughly 500,000 megawatts of energy each year, or enough to meet the yearly demands of more than 43,000 homes.
"Nevada continues to be a leader when it comes to the generation of renewable energy, and this project will not only create hundreds of jobs in the state but will also bring additional clean energy to the region," Energy Secretary Steven Chu said in a statement.
A molten salt storage system at the site would store solar energy for up to 10 hours, giving it the ability to maintain a steady supply of electricity.
Power from Crescent Dunes will be sold to Nevada Power Co. and help meet renewable energy objectives for the state.
Construction of the solar project is scheduled for later this year. Operations are slated for late 2013.
