Tuesday, April 17, 2012

Calif City Takes Solar Firm's Bankruptcy in Stride

The latest setback in a stalled 1,000-megawatt solar plant in the Southern California desert came nearly 10 months after Interior Secretary Ken Salazar and Gov. Jerry Brown broke ground on what was then touted as the world's largest solar project and a keystone of the Obama administration's solar energy efforts.

Blythe plant developer Solar Trust of America sought Chapter 11 bankruptcy protection in a Delaware court on Monday because the Oakland-based firm was unable to meet a deadline for an Energy Department loan guarantee.

Solar Trust listed assets of up to $10 million and debts of up to $100 million. The company's two main assets are the Blythe project and a proposed 500-megawatt Palen solar project in Riverside County. The Palen project 10 miles east of Desert Center hasn't gotten Bureau of Land Management approval.

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