Solar Trust of America Files for Bankruptcy

The company who was going to create one of the world's largest solar thermal power plants as declared bankruptcy. The plant was to be located near Blythe California and provide solar electricity for 300,000 homes in east Riverside County. German owned Solar Trust of America filed for bankruptcy after missing 2 quarterly rent payments to the Bureau of Land Management totaling $1 million.

Oakland CA based Solar Trust has run out of cash and but does not want to lose the option to develop the solar plant in Blythe.  It has sought financing from other companies and claims it has a deal to get financial backing from another solar company. Solar Trust has informed the Bureau of Land Management that it wants to switch the solar technology for the plant from thermal to photovoltaic and would like the bureau to suspend it's 3rd quarter rent payment.

The Blythe project will be on hold until the Bureau of Land Management receives money and reviews revised plans from Solar Trust or until another company submits their plans to lease the land and develop a solar plant.

More details at Forbes.