NRG Energy Inc. said the 290 MW Agua Caliente solar project has received an offer of a conditional commitment for a loan guarantee of up to $967 million from the U.S. Department of Energy.
Pacific Gas and Electric Co. signed a 25-year power purchase agreement for the output from the solar development. NRG’s acquisition of the project from First Solar was announced in December.
Closing on the sale was contingent on the project receiving a federal loan guarantee from the U.S. Department of Energy. NRG said it plans to invest up to $800 million of equity through 2014 through a combination of cash on hand and third-party investor equity.
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