New Projects, Solar

NRG Energy, SunPower complete 22 MW of solar power project

NRG Energy Inc. (NYSE: NRG) and SunPower Corp. (NASDAQ: SPWR) have completed the first 22 MW of the 250 MW California Valley Solar Ranch (CVSR) being delivered to the electrical grid.
CVSR is one of the largest central station photovoltaic solar plants in the world. It has created approximately 350 jobs since construction started in September 2011 and is expected to bring $315 million to the local economy over its two-year construction period. NRG completed the acquisition of CVSR on Sept. 30, 2011.
Electricity from CVSR is being sold to PG&E (NYSE: PCG) through 25-year power purchase agreements.
NRG is the sole owner of the project, which is expected to be fully online by December 2013. SunPower designed the project and is working with Bechtel to provide balance of plant engineering and procurement services and construction services. Once completed, NRG and SunPower will jointly operate and maintain CVSR for two years, after which NRG assumes sole responsibility.
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