MidAmerican Energy Holdings Company has completed its acquisition of a 49% interest in the Agua Caliente solar project from NRG Energy (NYSE: NRG).
“Partnering with a company with the capabilities of MidAmerican increases the certainty that, working together, we will bring to successful fruition one of the world’s largest solar PV projects,” said David Crane, President and CEO of NRG, “We are pleased to join with a power industry leader that recognizes - as we do - the enormous, and manifold, benefits of solar energy to our country.”
“MidAmerican is excited to close on our first solar investment and is emerging as an industry leader in owning solar energy generation,” said Greg Abel, chairman, president and CEO of MidAmerican Energy Holdings Company. “We look forward to working with NRG on this project and continuing to develop our portfolio with non-carbon resources that bring economic, environmental and financial benefits to stakeholders.”
While the entire 290-megawatt solar photovoltaic (PV) project, located in Yuma County, Ariz., is expected to reach final completion in 2014, the first 30-megawatt phase of Agua Caliente is expected to begin commercial operation tomorrow, January 19.
Pacific Gas and Electric has signed a long-term power purchase agreement for all of the project’s generation, which is projected to offset approximately 5.5 million metric tons of carbon dioxide over its 25 year life.