CARLSBAD, Calif. & PHOENIX--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG), through its wholly-owned subsidiary NRG Solar, along with partner MidAmerican Solar announced they have achieved substantial completion at their Agua Caliente Solar Photovoltaic Facility, a 290 megawatt (MW) photovoltaic facility located on 2,400 acres of land between Yuma and Phoenix, Ariz. The electricity that is generated by the station, which can support 230,000 homes at peak capacity, is being sold to Pacific Gas & Electric Company (PG&E) under a 25-year power purchase agreement.
“Large-scale utility accomplishments, like our Agua Caliente project, raise the bar in terms of our clean-energy technology and production,” said Tom Doyle, president, NRG Solar. “Proving that we can build both the world’s largest solar thermal and now one of the world’s largest solar photovoltaic facilities advance NRG’s mission to reshape the energy landscape that is incredibly beneficial to both the economy and in how we produce and consume energy. Whether it’s partnering, developing or investing, NRG will lead the way in providing a diverse set of solutions and technologies to get the US to the ultimate goal of providing affordable, reliable clean energy for everyone.”
The Agua Caliente project uses clean solar power to avoid the annual emission of approximately 324,000 tons of carbon dioxide into the atmosphere, which is the equivalent of taking nearly 70,000 cars off the road. The creation of 400 jobs during the project’s construction provided a boost to the local economy and it benefits the environment by producing clean, renewable energy. The project received a $967 million loan guarantee from the US Department of Energy’s Loan Programs Office.
“In 2012, our company made a commitment to invest in its first utility-scale solar project to foster economic development while demonstrating our commitment to the environment,” said Richard Weech, chief financial officer, MidAmerican Renewables, who also oversees the activities of MidAmerican Solar. “It is exciting to see this project become fully operational and begin to realize the full benefit of emissions savings with the clean energy generated at Agua Caliente.”
The Agua Caliente Solar Project was named Solar Project of the Year by Renewable Energy World, a leading industry magazine, and PV Project of the Year by Solar Power Generation USA, the industry’s leading utility-scale solar power conference.
Agua Caliente is the largest of 10 operational utility-scale solar PV facilities in three states in which NRG has ownership interest. Agua Caliente is also one of several NRG assets that are subject to a Right of First Offer Agreement between NRG and its publicly owned subsidiary, NRG Yield, Inc. (NYSE: NYLD). First Solar, Inc. designed and constructed the project using its advanced thin-film photovoltaic modules and will operate and maintain the facility for NRG and MidAmerican Solar.
About NRG and NRG Solar
NRG is leading a customer-driven reinvention of the US energy industry by delivering cleaner and smarter energy choices – and solar power is a great resource to provide a more sustainable (and more affordable) lifestyle. From the world’s largest photovoltaic project to professional sports stadium rooftops to customizable canopies to parking covers, NRG Solar’s innovative solutions reduce environmental impact and demonstrate the availability and performance of cleaner energy choices to a broad public audience. A Fortune 500 company, NRG creates value through reliable and efficient conventional generation while driving innovation in solar and renewable power, electric vehicle ecosystems, carbon capture technology and customer-centric energy solutions. NRG’s retail electricity providers serve almost three million customers throughout the country. More information is available at nrgenergy.com and nrgsolar.com. Connect with NRG Energy and NRG Solar on Facebook and follow us on Twitter @nrgenergy and @nrgsolar.
About MidAmerican Renewables and MidAmerican Solar
MidAmerican Renewables, LLC owns and operates wind, geothermal, solar and hydro projects in the unregulated renewables market. MidAmerican Renewables is headquartered in Des Moines, Iowa, and has offices in Phoenix, Ariz., and Calipatria, Calif. Information about MidAmerican Renewables is available on the company’s website and its Twitter, Facebook and YouTube pages, which can be accessed via www.midamericanrenewablesllc.com.
MidAmerican Solar is a subsidiary of MidAmerican Renewables and is headquartered in Phoenix, Ariz. MidAmerican Solar’s projects include the 550-megawatt Topaz Solar Farms in San Luis Obispo County, Calif.; the 579-megawatt Solar Star projects, two projects co-located in Kern and Los Angeles counties in California; and the 290-megawatt Agua Caliente project in Yuma County, Ariz. More information is available at www.midamericanrenewablesllc.com.
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include NRG’s expectations regarding the Company’s Agua Caliente solar project and forward-looking statements typically can be identified by the use of words such as “will,” “expect,” “believe,” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our electric vehicle projects. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission at www.sec.gov.