NRG Energy Acquires 290-Megawatt Agua Caliente Solar Project from First Solar
Press Releases - As issued by company
August 5, 2011... Up to 400 clean energy jobs will result from building Arizona's largest solar energy project
Princeton, New Jersey and Tempe, Arizona USA -NRG Energy, Inc. (NYSE: NRG) has completed its acquisition of the 290-megawatt Agua Caliente solar project from First Solar, Inc. (Nasdaq: FSLR). The acquisition was contingent upon the financial closing of the project's loan guarantee from the U.S. Department of Energy's Loan Programs Office.
Agua Caliente is the world's largest solar photovoltaic project currently under construction. The Yuma County, Arizona project has obtained all permits and approvals from both federal and state agencies, and is expected to create up to 400 construction jobs through its completion date in 2014. Financial terms of the sale of the project were not disclosed.
"Agua Caliente demonstrates the extraordinary progress the U.S. has made to achieving energy independence through public-private collaboration and technological innovation," said Tom Doyle, CEO of NRG Solar. "Construction of the Agua Caliente system will create hundreds of new jobs in local communities, supporting economic growth alongside environmental sustainability. The sheer scale of the project will also help drive developments needed to deploy even larger and more efficient clean-energy resources in the future."
"Agua Caliente is a major milestone for utility-scale solar," said Frank De Rosa, First Solar senior vice president of North American project development. "We are pleased to continue working with NRG in adding significant renewable generation resources to the U.S. electrical grid, delivering both economic and environmental benefits."
Electricity from Agua Caliente will be sold under a 25-year power purchase agreement with Pacific Gas and Electric Co., helping California to meet its ambitious renewable energy goals. At full capacity, the electricity generated by Agua Caliente is enough to serve more than 225,000 homes. The project is expected to offset approximately 5.5 million metric tons of CO2 over 25 years, the equivalent of taking over 40,000 cars off the road annually.
About NRG and NRG Solar
NRG Energy, Inc., a Fortune 500 and S&P 500 Index company, owns and operates one of the country's largest and most diverse power generation portfolios. Headquartered in Princeton, NJ, the Company's power plants provide more than 25,000 megawatts of generation capacity-enough to supply approximately 20 million homes. NRG's retail businesses- Reliant Energy and Green Mountain Energy Company-serve nearly 1.9 million residential, business, commercial and industrial customers.
NRG Solar LLC, a subsidiary of NRG, has more than 2,000 MW of photovoltaic and solar thermal projects under development or in construction across the southwestern United States. With major investments in solar and wind power, as well as electric vehicle infrastructure, NRG is working to help America transition to a clean energy economy. More information is available at www.nrgenergy.com and www.nrgsolarenergy.com.
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 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, weather conditions, 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, unanticipated outages at our generation facilities,the inability to access other financing arrangements, the inability to implement value enhancing improvements to plant operations and companywide processes, our ability to create and maintain successful partnering relationships.
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.
About First Solar
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
First Solar Contacts:
Alan Bernheimer or Ted Meyer
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