Nov 30 2010
SunPower Corp. and NRG Energy’s subsidiary, NRG Solar, have signed agreements to build a 250-MW solar power plant named California Valley Solar Ranch in San Luis Obispo County. The plant can generate power to meet the demands of nearly 100,000 houses. NRG Solar plans to spend about $450 million of equity in the proposal over the coming four years with respect to the final overall project expenditure.
As per the deal, SunPower will design, construct, run and manage the plant, while NRG will take ownership and funding responsibilities for the project. The plant construction is scheduled to commence in H1 2011 and part of the project is anticipated to be operational by the end of 2011. The remaining of the project will become operational by 2012 and 2013. Once the plant starts production to its full capacity, it can fulfill the 33% renewable portfolio standard of California.
The California Valley Solar Ranch project is presently looking for a loan assurance from the Loan Guarantee Program Office of the US Department of Energy (DOE). The office has offered a draft term sheet for the proposal, which is a major step in the procedure of a conditional loan assurance commitment.
The Pacific Gas & Electric has signed a power procurement deal with California Valley Solar Ranch for 250 MW for 25 years. The California Public Utilities Commission has approved the power procurement deal.
Source: http://www.sunpowercorp.com