NRG and MidAmerican Energy Holdings Company Announce Partnership on 290-MegawattAC Agua Caliente Solar Project
PRINCETON, N.J. & DES MOINES, Iowa--(BUSINESS WIRE)-- MidAmerican Energy Holdings Company will acquire a 49% interest in the Agua Caliente solar project from NRG Energy (NRG).
The 290-megawatt solar photovoltaic (PV) project in Yuma County, Ariz., will generate enough electricity to offset about 5.5 million metric tons of carbon dioxide over 25 years. The $1.8 billion project, which is being constructed by First Solar and expected to be complete by 2014, is supported by a $967 million loan guarantee from the U.S. Department of Energy and a long-term power purchase agreement with Pacific Gas and Electric for all of the projects generation.
We are aggressively pursuing opportunities to expand our presence in the renewable energy sector, and the Agua Caliente project is another important step toward that goal, said Greg Abel, Chairman, President and CEO of MidAmerican Energy Holdings Company. We look forward to partnering with NRG Energy on this exciting project.
NRG initially announced in May the Companys intention to bring quality partners into the Companys large-scale solar projects, noting the strength and creditworthiness that credible partners can bring to these projects.
Partnering with an industry leader like MidAmerican on Agua Caliente, one of the largest PV projects in the world, enhances the strength and credibility of what was already one of the worlds leading solar projects, said David Crane, NRG President and CEO. NRG and MidAmerican complement each other in the capabilities and experiences they bring to this project and to solar power more generally.
The deal is subject to certain customary closing conditions, including U.S. Department of Energy approval.
This is the second solar project announced by MidAmerican this month. On Dec. 7, MidAmerican announced it had purchased the 550-megawatt Topaz project, being built in San Luis Obispo County, Calif., from First Solar. The Topaz project is one of the worlds largest solar projects. MidAmerican is a recognized leader in renewable energy generation. The company is the No. 1 owner of wind-powered energy among rate regulated utilities and, at year-end 2011, 28% of its total generation capacity will be from renewable and noncarbon sources.
NRG is at the forefront of changing how people think about and use energy. A Fortune 500 company, NRG is a pioneer in developing cleaner and smarter energy choices for our customers: whether as one of the largest solar power developers in the country, or by building the first privately funded electric vehicle charging infrastructure or by giving customers the latest smart energy solutions to better manage their energy use. Our diverse power generating facilities can support over 20 million homes and our retail electricity providersReliant, Green Mountain Energy Company and Energy Plusserve more than two million customers. More information is available at www.nrgenergy.com.
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements above include the expected timing of the Agua Caliente transaction. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct. Factors that could cause NRGs actual results to differ materially from those contemplated in the forward-looking statements above include, among others, closing conditions and regulatory and U.S. Department of Energy approvals.
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 NRGs actual results to differ materially from those contemplated in the forward-looking statements included in this news release should not be construed as exhaustive. For more information regarding risks and uncertainties that may affect NRGs future results, review NRG's filings with the Securities and Exchange Commission at www.sec.gov.
About MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global provider of energy services. Through its energy-related businesses, MidAmerican provides electric and natural gas service to more than 6.9 million customers worldwide. These businesses are Pacific Power, Rocky Mountain Power and PacifiCorp Energy, comprising PacifiCorp; MidAmerican Energy Company; Northern Powergrid Holdings Company; Northern Natural Gas Company; Kern River Gas Transmission Company; and CalEnergy. Information about MidAmerican is available at www.midamerican.com.
Meredith Moore, 609-524-4522
Lori Neuman, 609-524-4525
Nahla Azmy, 609-524-4526
Chad Plotkin, 609-524-5225
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Source: NRG EnergyCopyright Business Wire 2011