NRG Energy currently owns five other large-scale solar projects in California. For the initial two years after the plants completion, NRG Energy and SunPower will share operations and maintenance on the project with that transferring solely to NRG Energy after the period.
SunPower provided the design and construction on the project with Bechtel being the EPC provider.
NRG Energys Tom Doyle said, in a statement announcing the acquisition: "Working with companies that offer cutting-edge but proven technology and solar expertise has enabled NRG to become the leading developer of solar power in the country." He added that such projects create jobs and contribute towards California reaching its renewable portfolio standards.
The DOE provided a conditional loan guarantee for the project in April. The guarantee is up to USD $1.237 million. Power from the California Valley Ranch will be sold to the utility Pacific Gas and Electric through a 25-year power purchase agreements.
SunPower representatives underlined the historic nature of the plant project. "The agreement SunPower announced three years ago with PG&E to build the California Valley Solar Ranch launched the first market for central station solar PV power plants in the world," said SunPowers Howard Wenger.
Popular content
SunPower has also announced that is has taken steps to reduce its financing expenses, by entering into a new revolving credit facility worth $275 million.
In other power plant sales news, First Solar announced the sale of its 550 MW Desert Sunlight Solar Farm after legal proceedings involving the plant were dropped. NextEra Energy Resources was the buyer of the plant, located near the town of Blythe.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
Jonathan Gifford
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.