1 Billion CSP Debacle in Nevada
In December 2020, the Crescent Dunes CSP molten salt project in the desert of Nevada went bankrupt. It was a high-profile 110 MW generation and 1.1 GWh storage project, that had started operations in 2016. The output was far below expectations and the scheme was plagued by technical setbacks.
Timeline:
2008 — SolarReserve founded with seed capital from US Renewables
2008 — Tonopah Solar formed with Cobra and SolarReserve
2011 — Tonopah Solar accepts $737 million DOE loan guarantee
2015 — Crescent Dunes solar plant begins commercial operations
2015 — NV Energy under a 25-year PPA at $135/MWh
2016 — Plant taken offline for eight months because of a molten salt tank leak
2017 — Plant resumes operations
2018 — Technical and performance issues, DOE declares a default
2019 — More hot salt tank issues
2019 — Plant never achieved expected monthly output, according to BNEF
2019 — Plant achieved a 0.3% capacity factor in the Q2 of 2019, as per Platts
2019 — NV Energy terminated contract over performance failures
2019 — DOE takes over shuttered plant
2020 — SolarReserve assets sold off as part of a liquidation
The demise of Crescent Dunes is of course grist to the mill of the numerous opponents of renewable energy in the US. Paradoxically, however, the abandoning of the sinking CSP ship was to a large extent caused by the spectacular fall of prices of solar panels, where prices for parts, like mirrors, tracking gear, pipes, vessels, of a CSP plant didn’t. Sloppy American engineering, that comes hand in hand with the US slowly descending into Third World Status, will have played its part. The time that the US could conduct moon landings with stolen German engineers is long behind us. Now they don’t even have high speed rail, like Europe, China and Japan have and their astronomical trade deficit tells volumes. The country is currently kept afloat by the dollar reserve currency, enabling Washington to rake in ca. 40% unearned wealth. The NATO adventure in Ukraine, will spell doom to that last asset, too. The Crescent Dunes project is symbolic for the US itself: a has-been. Expect China and Russia to pull the plug on this WW2 wind fall empire.
[en.wikipedia.org] – Crescent Dunes Solar Energy Project
[pv-magazine-usa.com] – Post bankruptcy, Crescent Dunes CSP plant owner wants project back online by year’s end
[eenews.net] – DOE touts deal to recoup $200M from failed solar project