US power generation company NRG Yield has acquired a 25% interest in the 550 MW Desert Sunlight solar park in Riverside, California (United States) from GE Energy Financial Services for US$285m. This acquisition grants NRG Yield a new capacity of 137.5 MW in operational capacity.
The 550 MW project was owned by NextEra Energy and GE with a 50% stake each. GE sold a 25% stake to Sumitomo in October 2012 and has just sold its remaining 25% stake to NRG Yield. Desert Sunlight was developed and is now operated by First Solar. It was commissioned in February 2015. Power is sold to Southern California Edison (250 MW) and Pacific Gas & Electric (300 MW) under long-term power purchase agreements (20-year and 25-year, respectively).
With this acquisition, NRG Yield now owns nearly 600 MW of solar capacity. Its parent company, NRG Energy, owns and operates approximately 1.2 GW of solar capacity, thus implying a combined solar portfolio of 1.8 GW.
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