• Print

MidAmerican Energy to buy 49% interest in Agua Caliente PV plant from NRG

Financials

  • NRG
    NYSE
    24.66
    +0.23 (0.94%)
    4:04PM EST
  • FSLR
    NASDAQ
    42.32
    -0.04 (-0.09%)
    4:01PM EST

In its second major investment in the solar sector this month, MidAmerican Energy Holdings has signed a deal with NRG Energy to buy a 49% interest in the Agua Caliente project under construction in Yuma County, AZ.

The Berkshire Hathaway unit announced Dec. 7 that it had purchased the 550MW Topaz solar farm project in San Luis Obispo County, CA, from First Solar.

Agua Caliente, a $1.8 billion project being built by First Solar, is supported by a $967 million loan guarantee from the US Department of Energy and has a 25-year PPA in place with Pacific Gas and Electric.

Although the project partners continue to put the PV plant’s eventual installed capacity at 290MW (AC), PV-Tech learned earlier this year that the site had been expanded and that the capacity will likely be closer to 320MW (AC) when completed in 2013-14. The first power blocks, comprised of several tens of megawatts of First Solar CdTe thin-film modules, were set to be interconnected to the grid this week, according to sources.  

NRG said in May that it intended to bring “quality partners” into the company’s large-scale solar holdings, noting the strength and creditworthiness that credible partners can bring to these projects.

“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,” stated Greg Abel, chairman/president/CEO of MidAmerican Energy Holdings. “We look forward to partnering with NRG Energy on this exciting project.”

“Partnering with an industry leader like MidAmerican on Agua Caliente, one of the largest PV projects in the world, enhances the strength and credibility of what was already one of the world’s leading solar projects,” said David Crane, NRG president/CEO. “NRG and MidAmerican complement each other in the capabilities and experiences they bring to this project and to solar power more generally.”

The deal is subject to certain customary closing conditions, including DOE approval. No timeline for completion of those conditions was provided by the companies.

PV-Tech Storage Promo

Newsletter

Preview Latest
Subscribe
We won't share your details - promise!

Publications

  • Photovoltaics International 26th Edition

    Looking back, 2014 was a year of convalescence for a PV industry still battered and bruised from a period of ferocious competition. End-market demand continued apace, with analysts towards the end of 2014 predicting the year would see between around 45 and 50GW of deployment. That has begun to feed through to the supplier end of the market, with all the main manufacturers announcing capacity expansions in 2015 and further ahead.

  • Manufacturing The Solar Future: The 2014 Production Annual

    Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

Partners

Acknowledgements

Solar Media