West Palm Beach (HedgeCo.net) – Former hedge fund manager, Mitchell Dong, and his new company, Mohave Sun Power, LLC, has announced plans to build a solar project, operating what it says will be the world’s largest solar-thermal power plant on land in northwest Arizona.

Dong got in trouble last year with the SEC over some alleged improper trading with his hedge fund Chronos, he was however, able to settle the issue without litigation.

Sunlight will be collected using mirrored troughs and focused on a tube of oil running through the center of the troughs. The oil will be transported back to a central facility where it will be used to generate steam. Some of the energy will be stored in molten salt tanks until it is needed during peak energy times.

"It’s a synthetic oil heated to 800 degrees by the sun’s light," Dong said. "There are rows and rows of these collectors, and this 800-degree oil is pumped to a central power block, a central location where that hot oil goes to a boiler. It makes steam and drives a single steam turbine."

Dong said some of the generated heat will be stored in molten salt that will allow the plant to generate power at night when cloud cover diminishes solar radiation. However, the company must first settle the sensitive issue of groundwater, as well as obtaining the permits and approval at the federal, state and local level.