MidAmerican Energy Holdings Co. has entered an agreement to acquire a 49% interest in the Agua Caliente solar project from NRG Energy.
The 290 MW solar photovoltaic project is being constructed in Yuma County, Ariz., by First Solar and is expected to be complete by 2014. It is supported by a $967 million loan guarantee from the U.S. Department of Energy (DOE) and a long-term power purchase agreement with Pacific Gas and Electric for all of the project's generation.
NRG initially announced in May the company's intention to bring quality partners into its large-scale solar projects, noting the strength and creditworthiness that credible partners can bring to these projects.
The deal is subject to certain customary closing conditions, including DOE approval.
This is the second solar project announced by MidAmerican this month. On Dec. 7, MidAmerican announced it had purchased the 550 MW Topaz project, being built in San Luis Obispo County, Calif., from First Solar.