NRG Energy Pours $300 Million into California Solar Plant
Wednesday, October 27th 2010 4:37 PM
By GetSolar Staff.
Some energy companies are adapting to green energy with bright investment ideas.
The solar unit of NRG Energy, Inc. will pour a massive capital injection of up to $300 million into the 392-megawatt Ivanpah Solar Electric Generating System, located in the Mojave Desert in southeastern California.
Ivanpah was recently approved by California and federal agencies; with this much money on the line, NRG was clearly waiting with a round in the chamber to snatch up a stake in the massive solar thermal project.
"Solar power is a cornerstone of our strategy to produce and deliver clean, zero-emission products and services to America’s growing number of clean energy consumers," said David Crane, President and CEO of NRG Energy. "The ambition and scale of Ivanpah, capitalizing on California’s natural solar resource and demand for renewable energy, shows how far we have come in scaling up solar generation and in deploying cutting-edge American technology, creating in the process thousands of American jobs."
The plant will provide enough power to supply over 140,000 homes and will prevent the emission of 400,000 tons of carbon annually.
The New Jersey energy firm has a long history of building and funding solar power plants - it already owns the largest solar photovoltaic plant in California, a 21-megawatt installation in Blythe.
The company did not disclose how much an ownership stake in Ivanpah NRG acquired by becoming the lead investor.
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Some energy companies are adapting to green energy with bright investment ideas.
