Crescent Dunes Solar Energy Project, Tonopah

Project Description

MB Infrastructure Investment Group IX, L.P. (Group IX), was an EB-5 infrastructure investment of $90 million into two solar electric power generating systems to be developed by SolarReserve, LLC, Rice Solar Energy Project in Blythe, CA and Crescent Dunes Solar Energy Project in Tonopah, NV.

Of the $90 million that was lent to SolarReserve, $10 million is intended to be used for Phase I of the Rice Solar Energy Project and $80 million is intended to be used for the Crescent Dunes Solar Energy Project. Additionally, the infrastructure loan has a corporate obligation to repay.
SolarReserve’s Crescent Dunes project has also received a loan from the U.S. Department of Energy (DOE). The Crescent Dunes DOE Loan was closed in September of 2011 for $737 million. SolarReserve will be responsible for a share of the equity position of the project in conjunction with equity partners ACS Cobra and Santander. CMB Group IX investment capital will also be utilized by SolarReserve in the Crescent Dunes project. Group IX is projected to fund $80 million of SolarReserves’ equity contribution to the project. This Group IX investment will assist in the funding of all development
and construction activities of the project such as site preparation, grading, collection tower and power block foundation construction, solar systems construction, heliostat assembly and field implementation.

Upon full completion, the project is projected to cost nearly $1 billion and the construction activities of the partnership will generate approximately 6,688 indirect jobs.

Project Timeline

4th Quarter 2013 – Majority completed, preliminary operational testing phases
2nd Quarter 2014 – Completion