Agua Caliente Solar Project Receives $967M Loan Guarantee

Financing comes through for what is expected to be the largest operational PV plant in the world.

Eric Wesoff January 20, 2011

Eric Wesoff

Editor-at-Large
Greentech Media

Eric Wesoff is Editor-at-Large at Greentech Media. Prior to joining GTM, Eric Wesoff founded Sage Marketing Partners in 2000 to provide sales and marketing-consulting services to venture-capital firms and their portfolio companies in the alternative energy and telecommunications sectors. Mr. Wesoff has become a well-known, respected authority and speaker in these fields.

His expertise covers solar power, fuel cells, biofuels and advanced batteries. His strengths are in market research and analysis, business development and due diligence for investors. He frequently consults for energy startups and Silicon Valley's premier venture capitalists.

Palm Springs, California -- Jonathan Silver of the DOE just let this information out during a speech at the Cleantech Investment Conference. The official press release was released as he spoke.

NRG Energy, Inc. (NYSE: NRG) just announced that the 290-megawatt Agua Caliente solar project has received an offer of a conditional commitment for a loan guarantee of up to $967 million from the U.S. Department of Energy.

NRG’s acquisition of the project from First Solar was announced last month and has a 25-year power purchase agreement with Pacific Gas and Electric Company. When completed, Agua Caliente is expected to be the largest operational PV plant in the world.

The Yuma County, Arizona project, which began in 2010 and is expected to be complete by 2014, is expected to create up to 400 construction jobs. The Agua Caliente Solar project will deploy fault ride-through and dynamic voltage regulation, technologies that are new to solar power plants in the United States.

This news follows on this week's announcement of First Solar gaining regulatory approval for the 230-megawatt AV Solar Ranch One.