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SAN LUIS OBISPO, Calif., Oct. 31, 2013 /PRNewswire/ -- NRG Energy, Inc. (NYSE: NRG), NRG Yield, Inc. (NYSE: NYLD), and SunPower Corp. (NASDAQ: SPWR) today announced the completion of the final phase of the California Valley Solar Ranch (CVSR) photovoltaic (PV) generating facility in San Luis Obispo County, California, bringing total electric generating capacity of the plant up to 250 megawatts (AC). NRG acquired CVSR from SunPower in 2011, and the project is jointly owned by NRG Yield (48.95%). CVSR is one of the world's largest operating solar PV power plants and will sell its electricity to Pacific Gas & Electric under two long-term power purchase agreements.
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"Beyond offsetting carbon emissions and offering clean energy from one of the world's largest solar facilities, this project's design takes a leap forward by integrating the surrounding environment in a sustainable manner," said Randy Hickok, senior vice president of NRG Solar. "In addition to its nine solar photovoltaic arrays, CVSR includes a water recycling plant that minimizes annual water use and a plan for protecting and conserving more than 12,000 acres of land in and around the facility."
CVSR received a federal loan guarantee for $1.2 billion from the U.S. Department of Energy's Loan Programs Office. CVSR created more than 700 jobs during its two-year construction period and generated an estimated $315 million of economic development for the local economy.
The energy generated annually at CVSR is equivalent to that used by 100,000 homes. Using solar power avoids generating more than 336,000 tons of greenhouse gas emissions per year, or roughly equal to removing 63,500 cars from California's roads, according to estimates provided by the U.S. Environmental Protection Agency.
"CVSR is now delivering 250 megawatts of cost-competitive solar power in San Luis Obispo County, thanks to the combined efforts of NRG Solar and SunPower, PG&E, San Luis Obispo County officials and community members, our subcontractors and vendors, and the hard-working women and men who engineered and constructed this remarkable project," said Howard Wenger, SunPower president, regions. "SunPower is very proud to have developed and built this project, which combines our world leading solar technology with eco-design principals to responsibly maximize energy delivery over the life of the system."
SunPower designed and provided engineering, procurement and construction services for the project, which began in September 2011. In October 2012, the first 22 megawatts began delivering power to PG&E's transmission lines. NRG and SunPower will jointly operate and maintain CVSR for two years, after which NRG will assume sole responsibility for operating the site. NRG's remaining ownership of CVSR (the portion not owned by NRG Yield) is one of six NRG assets that are subject to a Right of First Offer Agreement between NRG and NRG Yield.
At the CVSR site, the SunPower Oasis™ Power Plant was installed. This is a fully integrated, modular solar power block that is engineered to rapidly and cost-effectively deploy utility-scale solar projects while optimizing land use.
The project's design and construction approach minimized impacts to the 4,700-acre CVSR site. Solar arrays cover only 30% of the total site, requiring minimal grading and water usage. Other beneficial features of the project include reseeding to promote vegetation recovery around the arrays and preserving wildlife migration pathways. Also, an abandoned gypsum mine on the site was cleaned and restored.
Community-focused efforts by CVSR resulted in the improvement and cleanup of seven miles of public roads, numerous educational site tours for local schoolchildren, and nearly $72,000 of charitable donations to active local chapters of organizations such as the Make-A-Wish Foundation, Disabled American Veterans and 4-H Club. SunPower also donated a solar power system to the San Luis Obispo Botanical Garden and is offering rebates on solar power systems to county homeowners. CVSR contributed half the funding for the Cuesta College Renewable Energy Education Center, which opened this month.
About NRG Energy
NRG is leading a customer-driven change in the U.S. energy industry by delivering cleaner and smarter energy choices, while building on the strength of the nation's largest and most diverse competitive power portfolio. A Fortune 500 company, we create value through reliable and efficient conventional generation while driving innovation in solar and renewable power, electric vehicle ecosystems, carbon capture technology and customer-centric energy solutions. Our retail electricity providers – Reliant, Green Mountain Energy and NRG Residential Solutions – serve more than 2 million residential and commercial customers throughout the country. More information is available at www.nrgenergy.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
About NRG Yield
NRG Yield owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the U.S., including fossil fuel, solar and wind power generation facilities that provide the capacity to support more than 1 million American homes and businesses. Our thermal infrastructure assets provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units in ten locations. NRG Yield is traded on the New York Stock Exchange under the symbol NYLD. Visit nrgyield.com for more information.
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpowercorp.com.
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include NRG's expectations regarding the Company's CVSR solar project and forward-looking statements typically can be identified by the use of words such as "will," "expect," "believe," and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our electric vehicle projects. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.
SOURCE SunPower Corp.