NRG Energy (NYSE: NRG) has acquired and is developing a number of solar projects utilizing photovoltaic (PV) as well as solar thermal technologies, with several developments in that area in the second quarter.
In its Aug. 9 quarterly Form 10-Q filing, NRG described the last developments related to its solar projects. As of June 30, NRG had 673 MW of capacity at its commercially operating solar facilities, which includes the assets in service at Agua Caliente, CVSR, Alpine, Borrego, High Desert, Kansas South, Distributed Solar, among others.
Ivanpah — Construction related matters have resulted in delays for the first two units of the 392-MW Ivanpah project. As a result, the first unit is now expected to be completed and producing power in the fourth quarter of 2013 instead of July 2013. The second and third units are now both expected to be completed in the fourth quarter of 2013 instead of the third and fourth quarter of 2013, respectively. Power generated from Ivanpah will be sold to Southern California Edison and Pacific Gas & Electric (PG&E) under multiple 20- to 25-year power purchase agreements (PPAs).
Agua Caliente — In January 2012, the company completed the sale of a 49% interest in NRG Solar AC Holdings LLC, the indirect owner of the 290-MW Agua Caliente project, to MidAmerican Energy Holdings. Operations are scheduled to commence in phases through the first quarter of 2014, with 253 MW having achieved commercial operations in 2012. Power generated from Agua Caliente is being sold to PG&E under a 25-year PPA. While full commercial operations of the entire project will be achieved in early 2014, the maximum capacity deliverable under the PPA of 290 MW is expected to be on-line by the third quarter of 2013.
CVSR — NRG owns 100% of the 250-MW CVSR project in eastern San Luis Obispo County, Calif. Operations commenced on the first 22 MW phase in September 2012 and 105 MW for phases 2 and 4 in December 2012, with the final phase expected during the fourth quarter of 2013. Power generated from CVSR is sold to PG&E under a 25-year PPA.
High Desert — In the first quarter of 2013, the company, through its wholly-owned subsidiary, NRG Solar PV LLC, acquired High Desert, a 20-MW utility-scale PV facility located in Lancaster, Calif. The project was financed with $24m in equity and $82m of nonrecourse project level debt. The solar facility provides electricity to Southern California Edison under a 20-year PPA.
Kansas South — In the second quarter of 2013, the company, through its wholly-owned subsidiary, NRG Solar PV LLC, acquired Kansas South, a 20-MW utility-scale PV facility located in Kings County, Calif. The project was financed with $21m in equity and $59m of nonrecourse project level debt. It provides electricity to PG&E under a 20-year PPA.
Guam Solar Project — In 2013, NRG Energy, through its wholly-owned subsidiary. NRG Solar LLC, acquired a 26-MW solar project in the development phase on the island of Guam, a U.S. territory. NRG Solar will construct, own and operate the project, which will sell all of its power output to the Guam Power Authority under a 25-year PPA.
Distributed Solar — In February 2013, solar systems at Lincoln Financial Field in Philadelphia, Pa., and at Arizona State University in Tempe, Ariz., achieved commercial operation, along with several other smaller projects in Arizona. All of the company’s Distributed Solar projects in operation or under construction are supported by long-term PPAs.