First Solar to provide engineering, procurement and construction services for NRG Energy's 66 MW Alpine solar project in Lancaster, California; construction expected to be completed in Q3 2012
PRINCETON, New Jersey, and TEMPE, Arizona
November 4, 2011
– NRG Energy, Inc. (NYSE:NRG - News) and First Solar, Inc. (Nasdaq:FSLR - News) today announced an agreement for First Solar to provide engineering, procurement and construction (EPC) services for NRG’s 66 megawatt (AC) Alpine solar project in Lancaster, Calif. First Solar will also provide operations and maintenance (O&M) services. Electricity from the Alpine project will be sold under a 20-year power purchase agreement with Pacific Gas and Electric Company, helping California meet its ambitious renewable energy goals.
Construction is expected to start before the end of 2011 and be completed in Q3 2012, creating an estimated 250 jobs over the course of construction. The project will use First Solar’s advanced thin film photovoltaic (PV) modules.
The electricity generated by Alpine is enough to serve a yearly average of nearly 25,000 homes, and more than double that number at maximum capacity during peak hours of the day. The project is expected to offset approximately 1.5 million metric tons of greenhouse gases over 20 years, the equivalent of taking over 15,000 cars off the road annually.
“Less than two years ago, NRG and First Solar began our productive collaboration for our first solar plant at Blythe, which at 21 megawatts was the largest solar plant in California at the time. Alpine is three times that size, so we’ve really come a long way together in a short amount of time,” said Tom Doyle, president of NRG’s Solar and West Region. “Working with world-class companies like First Solar, NRG’s solar projects promote cleaner air, create hundreds of local jobs and advance our country’s position in the global clean energy economy.”
“First Solar is excited to be working again with NRG,” said Jim Lamon, First Solar Senior Vice President for EPC and O&M. “Our experience developing and building out our 2.7 gigawatt North American pipeline of utility-scale PV projects enables us to get our customers’ projects rapidly completed and connected to the grid.”
About NRG and NRG Solar
NRG is at the forefront of changing how people think about and use energy. A Fortune 500 company, NRG is a pioneer in developing cleaner and smarter energy choices for our customers: whether as one of the largest solar power developers in the country, or by building the first privately funded electric vehicle charging infrastructure or by giving customers the latest smart energy solutions to better manage their energy use. Our diverse power generating facilities can support over 20 million homes and our retail electricity providers—Reliant, Green Mountain Energy Company and Energy Plus—serve more than 2 million customers.
NRG Solar LLC, a subsidiary of NRG, has more than 2,000 MW of photovoltaic and solar thermal projects under development or in construction across the southwestern United States. More information is available at www.nrgenergy.com and www.nrgsolarenergy.com.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and include NRG’s expectations regarding the Alpine Solar Project and forward-looking statements typically can be identified by the use of words such as “will,” “expect,” “believe” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, weather conditions, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, unanticipated outages at our generation facilities, the inability to access other financing arrangements, the inability to implement value enhancing improvements to plant operations and companywide processes, and our ability to create and maintain successful partnering relationships.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission at www.sec.gov.
About First Solar
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company’s business involving the company’s products, their development and distribution, economic and competitive factors and the company’s key strategic relationships and other risks detailed in the company’s filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
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