25 megawatt photovoltaic solar installation will supply clean energy
to up to 10,000 homes, reduce costly fuel imports
INARAJAN, Guam--(BUSINESS WIRE)--Mar. 4, 2014--
NRG Energy, Inc. (NYSE:NRG), through its wholly owned subsidiary NRG
Solar LLC, and The Boeing Company (NYSE:BA), started construction on
Dandan, Guam’s first solar power plant. NRG will bring its experience
and ingenuity as a solar innovator to this project, proven by the
company’s successful development of solutions ranging from the world’s
largest solar thermal and photovoltaic facilities to professional sports
stadium rooftops to customizable solar canopies. Boeing will provide its
engineering, procurement and construction expertise to the project.
Dandan will generate 25 megawatts (AC), enough clean energy to power
10,000 homes and offset consumption of almost 2 million barrels of fuel
oil and diesel. Energy generated will be sold to the Guam Power
Authority, the island’s sole electric utility, under two 25-year power
purchase agreements that will help Guam achieve its renewable energy
goals by 2015.
“Guam is taking a strong step forward in realizing its sustainability
goals, both from an environmental and economic point of view,” said
Joaquin C. Flores, general manager, Guam Power Authority. “We look
forward to seeing the facility completed and observing how it will serve
as a catalyst for more interest in renewable energy on the island.”
“NRG Solar’s objective is to be at the forefront of the clean tech
industry to provide affordable and reliable energy options by
spearheading innovative financing and procurement strategies that drive
down the balance of system costs,” said Tom Doyle, President and CEO of
NRG Solar. “Dandan paves the way for other renewable energy
possibilities in the region. We are proud to own this project and look
forward to being a part of the positive lasting impact it will make on
Guam.”
“Clean, affordable, and secure power is a big need for Guam and
throughout the world,” said Tim Noonan, vice president of Ventures, part
of Boeing’s Defense, Space and Security division. “Our engineering,
procurement and program management expertise coupled with NRG’s approach
to providing leading edge energy solutions creates a powerful and
capable team. It’s a great global market for Boeing outside of our core
business.”
Located in the South Pacific, Guam is geographically isolated from major
ports in the region and relies on imported oil and diesel to generate
all of its energy.
According to the GPA estimates, the project is expected to generate
enough clean solar power during the power purchase agreements to realize
a total fuel cost savings to GPA of over $300 million. The clean energy
generated will cut annual carbon dioxide emissions by more than 40,000
metric tons, the equivalent of taking nearly 7,300 cars off the road.
About NRG and NRG Solar
NRG is leading a customer-driven change in the U.S. energy industry by
delivering cleaner and smarter energy choices, while building on the
strength of the nation’s largest and most diverse competitive power
portfolio. A Fortune 500 company, we create 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. Our retail electricity providers
– Reliant, Green Mountain Energy, Energy Plus and NRG Residential
Solutions – serve more than 2 million residential and commercial
customers throughout the country. More information is available at www.nrgenergy.com.
Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
NRG, through its subsidiaries including NRG Solar LLC, has more than
2,000 MW of photovoltaic and solar thermal projects in operation, under
construction or in development across the southwestern United States.
More information is available at www.nrgsolar.com.
Connect with NRG Solar on Facebook and follow us on Twitter @nrgsolar.
About Boeing
A unit of The Boeing Company, Boeing Defense, Space and Security is one
of the world’s largest defense, space and security businesses
specializing in innovative and capabilities-driven customer solutions,
and the world’s largest and most versatile manufacturer of military
aircraft. Headquartered in St. Louis, Boeing Defense, Space and Security
is a $33 billion business with 58,000 employees worldwide. Follow us on
Twitter @BoeingDefense.
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 Guam 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.
Source: NRG Energy, Inc.
NRG
Jeff Holland, +1 760.710.3828
Mobile: +1 562.640.1758
jeff.holland@nrgenergy.com
or
Boeing
Robert
Sterling, +1 314.233.1816
Mobile: +1 314.681.3463
robert.sterling2@boeing.com