SOLAR POWER PLANT BOUGHT

NRG Energy Completes Acquisition of 250-Megawatt California Valley Solar Ranch from SunPower
September 30, 2011 (PR Newswire via SunPower Corp.)

"NRG Energy, Inc. (NYSE: NRG) has completed its acquisition of the 250-megawatt (MW) California Valley Solar Ranch (CVSR) project from SunPower Corp. (NASDAQ: SPWRA, SPWRB)… immediately prior to…[the] closing of the project's loan guarantee from the U.S. Department of Energy's (DOE's) Loan Programs Office.

"Construction on the project began this month, with approximately 350 jobs expected to be created in San Luis Obispo County over the two-year construction period…[T]he California Valley Solar Ranch will power about 100,000 homes and will be one of the largest photovoltaic (PV) solar power plants in the world. NRG also owns five other large-scale solar projects in California, Arizona and New Mexico…"

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"NRG now bears full ownership responsibility for the project, which is expected to begin partial operations by early 2012, with the balance of the project coming online later in 2012 and 2013. SunPower will complete the project's design and construction, working with Bechtel, which is providing balance of plant engineering and procurement services and construction services. Once completed, NRG and SunPower will jointly operate and maintain the project for two years, and then NRG assumes sole responsibility…

"The project has received a loan guarantee of up to $1.237 billion from the DOE's Loan Programs Office…Clean, renewable power from California Valley Solar Ranch will be sold to PG&E through 25-year power purchase agreements that have been approved by the California Public Utilities Commission."