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NRG, eSolar agree to develop 500 MW solar power
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Pangea on 10/12/2009 22:00:00
 
Independent power producer NRG will invest $10 million in the venture, which is
designed to develop a series of solar thermal power plants with Pasadena,
California-based eSolar.
An eSolar spokeswoman said, "This is the first fully funded utility scale
renewable energy deal since global markets went south last year."
NRG said it will gain equity and associated development rights for three
projects, and a portfolio of power purchase agreements to develop, build, own
and operate up to 11 eSolar solar plants. The first plant is due to come on-line
in 2011.
Princeton, New Jersey-based NRG has 48 power plants generating 24,000 megawatts
of electricity, enough to serve 20,000 households.
The NRG plants will use eSolar's concentrating solar power methods, which use a
tower of mirrors to concentrate the sun's energy to heat water that then turn
conventional turbines.
The plants make no carbon dioxide emissions.
ESolar is completing its first demonstration concentrating solar plants in
Southern California. Its method is to build plants in a modular fashion,
allowing flexibility of size.
Bill Gross, chief executive of eSolar, said, "NRG Energy's extensive project
skills and focus on advancing a diverse portfolio of energy generation
technology will help accelerate the deployment of eSolar's technology in
locations across the United States."
Esolar is partnered with another of Gross' companies, Idealab based in Pasadena,
California, Google (GOOG.O), Oak Investment Partners and other investors to
develop utility-scale clean power projects. (Reporting by Bernie Woodall;
Editing by Marguerita Choy)