NRG Energy Inc., through its wholly owned subsidiary NRG Solar, has acquired a 25.65 MW solar project on the island of Guam from Quantum Guam Power Holdings LLC, a wholly owned affiliate of Quantum Utility Generation LLC (QUG).
Guam, a U.S. territory subject to U.S. law and environmental regulations, currently relies on imported residual fuel oil and diesel to generate 100% of its power requirements. NRG Solar will construct, own and operate the solar project, which will sell all of its power output to the Guam Power Authority (GPA), the island's sole electric utility, under two 25-year power purchase agreements.
‘NRG Solar has been focused on reducing the levelized cost of solar energy in both the utility and distributed solar markets," says NRG Solar President and CEO Tom Doyle. ‘The result of this effort provides us with opportunities like the Guam project which was successfully-developed by QUG and is now ready for NRG Solar to assume long-term ownership of the project.’
‘GPA has been an excellent partner during the development phase of Guam's first utility-scale renewable project,’ says QUG Chief Financial Officer Sean O'Donnell. ‘We are pleased to bring the development phase to a successful close and facilitate the transfer of the project to a highly capable renewable energy company like NRG Solar to continue with construction and operations. We are confident that the good working relationships established with GPA and other island stakeholders will result in the successful commissioning of the project and in additional solar development on the island.’