Sun shines on new Ausra power plant - San Francisco Business Times:

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This is the first plant has constructed inthe U.S. and is crucia l to Ausra’s ability to raise financinv beyond the venture capital italready has, its executives The demonstration today was importanrt for Ausra to showcasre its technology, said CEO Bob Fishman. “We do this to provs to and the rest of the world and to customerasthat we’re for real and that it works and that we’re not just talking about doing solaf power, we’re doing it,” Fishman said. “And to get them to accepr the technology andpurchase it, I thino requires a demonstration that can actualluy do what we say it will do.
” Ausra’s 5 megawat system is a test facility and produces enough electricith to power about 3,500 average homes. It includesz 720 mirrors that are 8 by 50 feet long that directthe sun’zs rays to a solar thermalp tower. The heat from the sun heatss water inside the tower turninh it to steam and that The steam runs a turbine that produces And that electricity will be sold to Ausra has entered into a powefr purchase agreementwith PG&E which will buy the poweer produced by five more Ausra power plantws that will total 900 megawatts if and when they are constructee in California’s deserts over the next severak years.
But first Ausra will have to secured financing, which could be challenging if the credit markets failto recover, and because Ausra’s technology is likely considered more riskt than other sources of powee like natural gas. Ausra intends to builds lots of power plants in California deserts and across the world as it growseits company. Some of the burden of securin project financing was relieved in September when Congressw passedan eight-year tax credit extension that offerz owners of solar power facilities a 30 percent tax creditg on solar projects.
It also extende that credit to utility companies for the first which means utilities suchas PG&E will be able to purchaser the solar power plants from companies like which will make financing easier. Governor Arnold Schwarzeneggereattended Ausra’s dedication ceremony Thursday morning and switched on controls that turnef the last mirror into place so that is positioneds at the best angle for directing the sun’z rays. Groups of mirrors move a fractioh of a degree every four secondxs to track the sun across the sky throughout the day and reflec t the mostrays possible. PG&E (NYSE: PCG) CEO Pete Darbee attended the event, alongv with U.S.
Representatives Jim Costa and Kevimn McCarthy and California AssemblymemberrJean Fuller. Ausra’s investors includer and Khosla Ventures as wellas , Generatiohn Investment Management and .