NRG Engergy Inc. is partnering with BrightSource Energy as the largest investor in the 320 megawatt solar electric generation plant. NRG's investment will reach the $300 Million mark over the next 3 years.
Ivanpah Solar Electric Generating System is being constructed in three phases and is expected to be fully operational in 2013. The U.S. Department of Energy is committing $1.375 billion to the project in the form of a loan guarantee.
At least 1000 people will be employed building the Ivanpah solar facility and it will supply power for more than 140,000 homes.
Electricity from Ivanpah will be sold under multiple power purchase agreements, each of 20-25 years duration with Southern California Edison and Pacific Gas and Electric Co.—nearly doubling the amount of commercial solar thermal energy now generated in the United States.
“Solar power is a cornerstone of our strategy to produce and deliver clean, zero-emission products and services to America’s growing number of clean energy consumers,” said David Crane, President and CEO of NRG Energy. “The ambition and scale of Ivanpah, capitalizing on California’s natural solar resource and demand for renewable energy, shows how far we have come in scaling up solar generation and in deploying cutting-edge American technology, creating in the process thousands of American jobs.”
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