The Green Blueprint

Why concentrated solar couldn’t compete

7 snips
Nov 13, 2024
John Woolard, former CEO of BrightSource Energy and now at Meridian Clean Energy, shares insights from his journey in concentrated solar power. He recounts the challenges faced while developing the Ivanpah project, including the impact of the 2009 financial crisis on funding. Woolard highlights the fierce competition with photovoltaic technologies, discussing key lessons learned about flexibility and the importance of adapting to industry changes. His experiences illuminate the complexities of navigating environmental regulations and financing in the solar energy landscape.
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ANECDOTE

Pilot Project Success

  • John Woolard's team built a pilot concentrated solar power project in the Negev desert.
  • They achieved 500 suns' worth of light reflection, generating steam for electricity.
INSIGHT

Early CSP Advantages

  • Concentrated solar power (CSP) offered lower capital costs and higher production than photovoltaics (PV) in the mid-2000s.
  • CSP had almost half the levelized cost of energy (LCOE) compared to PV.
ANECDOTE

Financing Challenges

  • BrightSource secured a $1.6 billion loan guarantee from the Department of Energy despite initial resistance from the Israeli team.
  • The 2008 financial crisis wiped out Morgan Stanley's tax equity appetite, jeopardizing the project's financing.
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