The U.S. Department of Energy has offered a conditional $737 million loan guarantee to SolarReserve, Reuters reports. The aid will help the Santa Monica-based solar energy company to support the development of a Nevada solar power plant.

The construction will begin in mid of 2011 and the plant will begin operating in 2013. The company’s power plants will use molten salt energy storage technology licensed from Pratt & Whitney Rocketdyne.

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