NRG’s Move to Jointly Own 390 MW Solar

The day BrightSource Energy broke ground on its 392 MW solar project slated for the Mojave Desert, NRG announced it would partner with the solar company. NRG plans to invest $300 million over three years, making it the lead private investor in the Ivanpah solar thermal facility. It’s projected to be online in mid-2013, according to the company. Lining up financing has been the Achilles heel for renewable projects the last several years, and more so in the economic downturn. The developer’s ability to finance its project was bolstered after the Department of Energy granted it a $1.37 billion loan guarantee for project financing last month. Pacific Gas & Electric is to get about two-thirds of the plant’s output and Southern California Edison the remainder under long-term power purchase agreements. Ivanpah is to be sited on 3,582 acres of public land in San Bernardino County. It has federal and state permits in hand (Current, Oct. 8, 2010). NRG also owns a 21 MW photovoltaic facility in Blythe. It also has partnered with Eurus Energy America on three PV projects expected to generate 45 MW.

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NRG’s Move to Jointly Own 390 MW Solar

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