Jan 29 2011
The 290 W Agua Caliente solar project of NRG Energy located at Yuma County, Arizona, has obtained a conditional commitment order for a loan assurance amounting to $967 from the U.S. Department of Energy (DOE).
NRG Energy has declared the take over of the project from First Solar last month. The project, which commenced its construction in 2010 is anticipated to get completed by 2014 and will generate around 400 construction jobs.
According to Tom Doyle, NRG Solar’s President, the project, a partnership between the privately owned NRG Solar and First Solar and the public owned Department of Energy will remain instrumental for producing a record level of clean energy and add it to the clean energy portfolio of the country. He said that the project will lessen the fossil fuel reliance of the country and create a number of jobs.
Frank De Rosa, Senior Vice President of Project Development of First Solar North America stressed the importance of the DOE Loan Program offered with financial terms that support the long periods of solar power plants survival and how it is essential for the construction utility-level solar projects such as Agua Caliente. He added that the allowed cost advantages will enable the renewable energy power sources to achieve parity with grid costs.