NRG Energy Inc. said the 290 MW Agua Caliente solar project has received an offer of a conditional commitment for a loan guarantee of up to $967 million from the U.S. Department of Energy.

Pacific Gas and Electric Co. signed a 25-year power purchase agreement for the output from the solar development. NRG's acquisition of the project from First Solar was announced in December.

Closing on the sale was contingent on the project receiving a federal loan guarantee from the U.S. Department of Energy. NRG said it plans to invest up to $800 million of equity through 2014 through a combination of cash on hand and third-party investor equity.

Read more news and features on solar power generation.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...