For more information, contact:
Ann Thelen, Director, Communications & Media Relations, MidAmerican Energy Holdings Company, at 515-281-2785
Meredith Moore, Media, NRG, at 609-524-4522
Lori Neuman, Media, NRG, at 609-524-4525
Nahla Azmy, Investor, NRG, at 609-524-4526
Chad Plotkin, Investor, NRG, at 609-524-4526
Stefan Kimball, Investor, NRG, at 609-524-4527
PRINCETON, NJ, and DES MOINES, Iowa – (Dec. 16, 2011) – MidAmerican Energy Holdings Company will acquire a 49% interest in the Agua Caliente solar project from NRG Energy (NYSE: NRG).
The 290-megawatt solar photovoltaic (PV) project in Yuma County, Ariz., will generate enough electricity to offset about 5.5 million metric tons of carbon dioxide over 25 years. The $1.8 billion project, which is being constructed by First Solar and expected to be complete by 2014, is supported by a $967 million loan guarantee from the U.S. Department of Energy and a long-term power purchase agreement with Pacific Gas and Electric for all of the project’s generation.
“We are aggressively pursuing opportunities to expand our presence in the renewable energy sector, and the Agua Caliente project is another important step toward that goal,” said Greg Abel, Chairman, President and CEO of MidAmerican Energy Holdings Company. “We look forward to partnering with NRG Energy on this exciting project.”
NRG initially announced in May the Company’s intention to bring quality partners into the Company’s large-scale solar projects, noting the strength and creditworthiness that credible partners can bring to these projects.
“Partnering with an industry leader like MidAmerican on Agua Caliente, one of the largest PV projects in the world, enhances the strength and credibility of what was already one of the world’s leading solar projects,” said David Crane, NRG President and CEO. “NRG and MidAmerican complement each other in the capabilities and experiences they bring to this project and to solar power more generally.”
The deal is subject to certain customary closing conditions, including U.S. Department of Energy approval.
This is the second solar project announced by MidAmerican this month. On Dec. 7, MidAmerican announced it had purchased the 550-megawatt Topaz project, being built in San Luis Obispo County, Calif., from First Solar. The Topaz project is one of the world’s largest solar projects. MidAmerican is a recognized leader in renewable energy generation. The company is the No. 1 owner of wind-powered energy among rate regulated utilities and, at year-end 2011, 28% of its total generation capacity will be from renewable and noncarbon sources.
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 two million customers. More information is available at www.nrgenergy.com.
About MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global provider of energy services. Through its energy-related businesses, MidAmerican provides electric and natural gas service to more than 6.9 million customers worldwide. These businesses are Pacific Power, Rocky Mountain Power and PacifiCorp Energy, comprising PacifiCorp; MidAmerican Energy Company; Northern Powergrid Holdings Company; Northern Natural Gas Company; Kern River Gas Transmission Company; and CalEnergy.