MidAmerican Energy acquires stake in 290 MW PV project19. December 2011 | Applications & Installations, Industry & Suppliers | By: Becky Stuart
MidAmerican Energy Holdings Company is to acquire a 49 percent stake in NRG Energy’s 290 megawatt (MW) Agua Caliente photovoltaic project.
The deal, announced today, is said to be subject to U.S. Department of Energy (DOE) approval and other customary closing conditions.
Expected to be completed in 2014 by First Solar, the project is located in Yuma County, Arizona. Costing a total of US$1.8 billion, DOE awarded a $967 million loan guarantee to boost development, and Pacific Gas and Electric has signed a long-term power purchase agreement.
Commenting on the news, Greg Abel, chairman, president and CEO of MidAmerican Energy said, "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."
The news represents MidAmerican Energy’s second solar endeavor. At the start of the month, the company also bought First Solar’s 550 MW Topaz Solar Project.
Keep your finger firmly on the photovoltaic pulse: sign up for our daily newsletter
- 16341 views
- 4698 views
- 3911 views
- 3507 views
- 3296 views
Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!