As per the deal, NRG Solar will assume all ownership and financing responsibilities for the solar photovoltaic plant, while SunPower will continue to develop the plant and design, build, operate and maintain the power project.
The power plant is expected to create approximately 350 jobs during construction and will power about 100,000 homes.
NRG Solar plans to invest up to $450m of equity in the project over the next four years, subject to final total project cost and negotiation of the financing terms and conditions.
Construction is expected to start in the second half of 2011, with a portion of the project expected to begin operating by the end of next year and the balance coming on line in 2012 and 2013.
The project is currently seeking a loan guarantee from the US Department of Energy’s Loan Guarantee Program Office.
