The project, which is scheduled to be completed by 2014, will produce enough electricity to power more than 225,000 homes at full capacity and has a 25-year power purchase agreement with Pacific Gas and Electric Company.
In addition, the project is expected to offset approximately 5.5 million metric tons of CO2 over 25 years, generate state and local tax revenues, provide wages for up to 400 construction jobs and create economic benefits for many local businesses.
NRG Solar has submitted an application to the US Department of Energy for a federal loan guarantee in connection with the financing of the project, for which NRG plans to invest up to $800m of equity through 2014 through a combination of cash on hand in addition to third-party investor equity.
First Solar, which has developed the project using its advanced thin-film PV modules, will provide operations and maintenance services for the solar facility.
First Solar CEO Rob Gillette said that Agua Caliente is representative of its mission to provide clean, affordable, sustainable solar energy, capitalizing on our advanced thin-film technology and the tremendous solar resource of Arizona.
