MidAmerican buys 49 percent stake in Agua Caliente

• 12 years ago (2011-12-21)
• David Flin

North America 998 Renewables 752

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MidAmerican Energy Holdings has announced that it will acquire a 49 percent stake in the 290 MW Agua Caliente solar photovoltaic (PV) project, located in Arizona, USA, from NRG Energy.

NRG acquired the $1.8 billion project from First Solar, which makes thin-film PV modules based on cadmium telluride (CdTe), as well as providing EPC services. NRG’s acquisition had been contingent upon the financial closing of the project’s loan guarantee of up to $967 million from the US Department of Energy (DOE)’s Loans Programs Office.

Agua Caliente is the world’s largest solar PV project currently under construction. The project is expected to create up to 400 construction jobs through to its completion date in 2014. Supported by a long-term power purchase agreement with Pacific Gas and Electric for all of the generated electricity, it should offset about 5.5 million tonnes of CO2 over 25 years.

In May, NRG announced its intention to bring partners into its large-scale solar projects. David Crane, President and CEO of NRG, said: “Partnering with an industry leader like MidAmerican on Agua Caliente enhances the strength and credibility of what was already one of the world’s leading solar projects. NRG and MidAmerican complement each other in the capabilities and experiences they bring to this project and to solar power more generally.”

The deal is subject to certain customary closing conditions, including DOE approval.