GE Teams Up With NextEra Energy to Buy 550 MW Solar PV Project

by Terrence Murray - August 15, 2011

GE Energy Financial Services and NextEra Energy are understood to be looking to acquire a 550 megawatts solar PV project in California.

GE and NextEra are reportedly looking to acquire the Desert Sunlight Solar Farm, a 550-megawatt project located near Palm Springs. First Solar got its hand on the project via its $285 million acquisition of  Nextlight Renewable Power more than a year ago.

Desert Sunlight is backed by a 25-year power purchase agreement with Pacific Gas & Electric for 300 megawatts of electricity and a 20-year PPA for the balance of the project’s output with Southern California Edison.

The project is backed by a Department of Energy $1.88 billion loan guarantee.

In the past year GE has agressivelly invested in solar project and technology developers.

Last week Desert Sunlight scored a conditional approval of a  $1.8 billion Department of Energy loan guarantee.

Officials at GE and NextEra either declined to comment.

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