Press release from Business Wire
NRG Solar Achieves Commercial Operation of Two Solar PV Projects in California
<p class='bwalignc'> <i>– Recurrent Energy developed Kansas South and TA-High Desert generating stations to add 40 megawatts to the California power grid –</i> </p>
Friday, July 12, 2013
NRG Solar Achieves Commercial Operation of Two Solar PV Projects in California08:00 EDT Friday, July 12, 2013
CARLSBAD, Calif. (Business Wire) -- NRG Energy, Inc. (NYSE: NRG), through its wholly owned subsidiary NRG Solar, today announced that two of the solar photovoltaic (PV) facilities the company acquired from Recurrent Energy earlier this year have reached commercial operation. The two California based solar PV facilities, totaling 40 megawatts (AC), deliver electricity to Southern California Edison (SCE) and Pacific Gas & Electric (PG&E).
“Credit goes to Recurrent Energy for developing assets of the quality that the Kansas South and TA-High Desert projects represent. This is our first transaction with Recurrent Energy and the beginning of what I hope will be a long lasting business relationship.” said Tom Doyle, president and CEO of NRG Solar.
The two solar PV facilities are located in Lancaster, California and Kings County, California; each facility has a peak capacity of 20 megawatts (AC). The project in Lancaster reached commercial operation in March of this year and the Kings County project began operations this June. Recurrent Energy developed both projects, which will be owned and operated by NRG.
“NRG's investment in these projects is a clear demonstration of solar's ability to attract capital from well-established strategic investors,” said Arno Harris, CEO of Recurrent Energy. “This agreement provides an example of the upward trajectory for the solar industry as a viable, mainstream part of our energy economy.”
During their first year of operation, the projects are expected to generate enough clean solar power to offset the electricity use of roughly 11,800 average U.S. homes over a year at peak daytime capacity.
The two projects are part of eleven large-scale photovoltaic solar facilities owned by NRG that currently produce clean solar power for thousands of homes and businesses throughout three states. The other nine completed, or partially completed, plants are Agua Caliente (under construction) and Avra Valley in Arizona; Roadrunner in New Mexico; and Avenal, Blythe, Borrego, Alpine, Ivanpah (under construction) and California Valley Solar Ranch (under construction) in California.
About NRG and NRG Solar
NRG is at the forefront of changing how people think about and use energy. We deliver cleaner and smarter energy choices for our customers, backed by the nation's largest independent power generation portfolio of fossil fuel, nuclear, solar and wind facilities. A Fortune 500 company, NRG is challenging the U.S. energy industry by becoming the largest developer of solar power, building the first privately-funded electric vehicle charging infrastructure, and providing customers with the most advanced smart energy solutions to better manage their energy use. In addition to 47,000 megawatts of generation capacity, enough to supply nearly 40 million homes, our retail electricity providers – Reliant, Green Mountain Energy and Energy Plus – serve more than two million customers. More information is available at www.nrgenergy.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
NRG Solar LLC, a subsidiary of NRG, has more than 2,000 MW of photovoltaic and solar thermal projects in operation, under construction or in development across the southwestern United States. More information is available at www.nrgsolar.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgsolar.com
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include NRG's expectations regarding the Company's Kansas South and TA-High Desert solar projects and forward-looking statements typically can be identified by the use of words such as “will,” “expect,” “believe,” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our electric vehicle projects. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.
About Recurrent Energy
Recurrent Energy is a leading solar project developer marketing clean power to utilities and large energy users. The company is meeting rising energy demand by building a portfolio of clean power plants located where they are needed most. Additional details are available at www.recurrentenergy.com
Jeff Holland, 760-710-3828
Chad Plotkin, 609-524-4526
Cate Powers, 415-501-9533