Wednesday, June 22, 2011
Today, Bank of America Merrill Lynch, Prologis and NRG Energy announced an offer of a conditional commitment from the U.S. Department of Energy's Loan Programs Office to help finance the largest distributed rooftop solar generation project in the world. This facilitates a total project size of about $2.6 billion and which is being financed entirely by the private sector over the next four years.
The project hopes to generate employment across 28 states and will create the equivalent of more than 10,000 full-year jobs. The installations are expected to provide approximately 733 megawatts (MW) of distributed solar energy, which is enough to power approximately 100,000 homes.
With a conditional commitment from the Department of Energy, the three firms are working to finalize the financing documentation for the distributed solar project and begin the first phase of installation. 15 MW of solar capacity is ready immediately for construction and installation in Southern California. NRG Energy has committed to be the lead investor for the first phase of the project over the next 18 months.
NRG Energy is one of the nation's largest electric power companies and solar energy developers. It has a right of first offer for the remainder (up to the program total of 733 MW) and will provide development resources and project expertise for the installations.
NRG Solar pursues a diverse, multi-technology approach to commercializing solar generation, including large-scale concentrated solar thermal and photovoltaic, and distributed solar. The company also owns the largest solar photovoltaic plant currently operating in California and has more than 2,000 MW of solar projects under development or in construction across the United States.
NRG Energy, Inc. (NRG) is a wholesale power generation company. It is engaged in the ownership, development, construction and operation of power generation facilities; the transacting in and trading of fuel and transportation services; the trading of energy, capacity and related products in the United States and select international markets, and the supply of electricity, energy services and cleaner energy and carbon offset products to retail electricity customers in deregulated markets through its retail subsidiaries Reliant Energy and Green Mountain Energy. NRG has thermal businesses in Pittsburgh, Harrisburg and San Francisco. During the year ended December 31, 2010, NRG acquired a pipeline of solar development projects from US Solar Ventures; acquired South Trent Wind LLC; acquired Northwind Phoenix, LLC (Northwind Phoenix); Green Mountain Energy Company, and acquired the Cottonwood Generating Station.
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