NRG Energy, Inc. (NYSE: NRG) has completed its acquisition of the 290-megawatt Agua Caliente solar project from First Solar, Inc. (Nasdaq: FSLR). The acquisition was contingent upon the financial closing of the project’s loan guarantee from the U.S. Department of Energy’s Loan Programs Office.
Agua Caliente is the world’s largest solar photovoltaic project currently under construction. The Yuma County, Arizona project has obtained all permits and approvals from both federal and state agencies, and is expected to create up to 400 construction jobs through its completion date in 2014. Financial terms of the sale of the project were not disclosed.
Electricity from Agua Caliente will be sold under a 25-year power purchase agreement with Pacific Gas and Electric Co., helping California to meet its ambitious renewable energy goals. At full capacity, the electricity generated by Agua Caliente is enough to serve more than 225,000 homes. The project is expected to offset approximately 5.5 million metric tons of CO2 over 25 years, the equivalent of taking over 40,000 cars off the road annually.