Princeton, N.J., December 16, 2011 — MidAmerican Energy Holdings Co. will acquire a 49 percent interest in the Agua Caliente solar project from NRG Energy.
The 290-MW solar photovoltaic project in Yuma County, Ariz., will generate enough electricity to offset about 5.5 million metric tons of carbon dioxide over 25 years.
The $1.8 billion project, which is being constructed by First Solar and expected to be complete by 2014, is supported by a $967 million loan guarantee from the U.S. Department of Energy and a long-term power purchase agreement with Pacific Gas and Electric for all of the project's generation.
NRG initially announced in May the company's intention to bring quality partners into the company's large-scale solar projects, noting the strength and creditworthiness that credible partners can bring to these projects.
The deal is subject to certain customary closing conditions, including DOE approval.
This is the second solar project announced by MidAmerican this month. On Dec. 7, MidAmerican announced it had purchased the 550-MW Topaz project, being built in San Luis Obispo County, Calif., from First Solar.
The Topaz project is one of the world's largest solar projects. MidAmerican is a recognized leader in renewable energy generation. The company is the No. 1 owner of wind-powered energy among rate regulated utilities and, at year-end 2011, 28 percent of its total generation capacity will be from renewable and noncarbon sources.