— 290 megawatt project in Arizona provides clean, renewable energy to
Pacific Gas & Electric customers —
CARLSBAD, Calif. & PHOENIX--(BUSINESS WIRE)--Apr. 29, 2014--
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.
NRG Energy and MidAmerican Solar announced the completion of Agua Caliente, the world's largest photovoltaic solar facility at 290 megawatts. The Arizona plant sells clean power to Pacific Gas & Electric Company under a 25-year power purchase agreement. (Photo: Business Wire)
“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-megawattTopaz 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140429005803/en/
Source: NRG Energy, Inc.
NRG
Media:
Jeff Holland, 760-710-3828
or
Investors:
Chad
Plotkin, 609-524-4526
or
Media:
Julie White, 515-281-2785