NRG Energy Inc. (NYSE: NRG) on Monday said it bought the 21 megawatt Blythe solar energy project in California from First Solar Inc. (NASDAQ: FSLR) for an undisclosed amount, according to Associated Press.
The New Jersey-based power plant owner said the site, which is located in Riverside County in southeastern California, is the first and largest utility-scale photovoltaic solar project in the state.
Get Rich Penny Stocks is a leading financial publication that is pleased to alert investors of stocks on the move.
Sign Up for our Free Stock Newsletter
The Blythe plant will be connected to Southern California Edison's electrical distribution grid, and electricity will be sold to SCE under a 20-year power purchase agreement. At peak capacity, the site will be able to power almost 17,000 homes, NRG said.
Using First Solar's thin film photovoltaic panels that convert sunlight directly into electricity, the project will generate more than 45,000 megawatt-hours of electricity per year, displacing more than 12,000 tons of carbon dioxide emissions per year. That's the equivalent of taking 2,200 cars off the road.
The plant uses about 350,000 solar modules, each measuring 2 feet by 4 feet, which cover about 200 acres. The project uses no water during normal operation, the company said. Construction began in September and is expected to be completed by year-end.
First Solar will provide operations and maintenance services at Blythe under a long-term contract with NRG.
Shares of NRG rose 20 cents to $24.01 in morning trading. First Solar shares rose $1.48 to $122.67.
Sign up for the Free GetRichPennyStocks Newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
About Us
GetRichPennyStocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that could be on the brink of a breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
