NRG Energy, Inc. (NYSE: NRG) announced that the 290-megawatts (MW) 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 (Nasdaq: FSLR) was announced last month. The Yuma County, Arizona project, which began in 2010 and is expected to be complete by 2014, is expected to create up to 400 clean energy jobs during construction.
“The public private partnership between NRG Solar, First Solar and the Department of Energy will be instrumental in adding an unprecedented amount of emission-free solar power to America’s energy portfolio,” said Tom Doyle, President of NRG Solar. “Together, we will create hundreds of jobs and reduce the nation’s fossil fuel dependence and carbon intensity. Since clean solar generation availability tends to align with the periods of highest electricity demand, projects like Agua Caliente add natural peaking capacity to the grid.”
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