NRG Energy Acquires Solar Unit - Analyst Blog

Energy generation company  NRG Energy Inc. (NRG) announced that its unit NRG Solar has acquired a 290 megawatt (MW) solar project from First Solar Inc. (FSLR). This acquisition cements NRG Energy's alliance with First Solar, as the latter has recently agreed to assist NRG Energy to develop another solar project in New Mexico.

The construction work of the 290 MW Agua Caliente solar project will be completed by 2014. This project will create 400 jobs during the construction process and, once operational, will be the largest photovoltaic solar power plant in the world.

The Yuma County, Arizona based solar power project has already executed a 25-year power purchase agreement with Pacific Gas & Electric (PCG) for delivery of green power. This solar project will provide zero-emission power and in that process reduce 5.5 million metric tons of green house gas over 25 years.

NRG Energy is consistently working to add more green power in its generation fleet. The company presently has over 1000 MW of solar development projects in the pipeline. Recently, the company entered into a joint venture with SunPower Corporation (SPWRA) to construct a 250 MW solar project in California Valley Solar Ranch.

NRG Solar, a subsidiary of NRG Energy, develops, constructs, finances and operates a multi-technology portfolio of solar power assets in North America.

NRG Energy currently retains a Zacks #3 Rank (short-term Hold rating). We appreciate the approach of NRG Energy to generate more energy from green renewable sources, and in the process, create new jobs.

Based in Princeton, New Jersey, NRG Energy Inc. operates as a wholesale power generation company. The company is also involved in the trading of fuel and transportation services, and energy trade and related products in the United States and internationally.

 
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