NRG Energy to invest USD 300m in BrightSource Energy's 392-MW solar project
(ADPnews) - Oct 28, 2010 - US utility NRG Energy Inc (NYSE:NRG) said on Wednesday its solar unit has agreed to invest USD 300 million (EUR 217.1m) in the next three years in BrightSource Energy's 392 MW Ivanpah solar system in California.
The company did not disclose the size of the stake to be acquired, but said it would be the lead investor in the project.
The Ivanpah project is already under construction and is scheduled to start commercial operation by mid-2013, NRG Energy said.
The plant is expected to generate energy enough to power 140,000 households and prevent 400,000 tonnes of carbon dioxide emissions per year. It will sell electricity to US utilities Southern California Edison and Pacific Gas and Electric Co under 20-25-year power purchase agreements.
The project has also received a USD 1.375 billion conditional commitment for a loan guarantee from the US Department of Energy.
NRG Solar owns the largest solar photovoltaic (PV) plant in California at present, the 21-MW Blythe, and has agreed to buy into other solar projects in California and Arizona.