NRG Renew to Develop 20MW Solar Energy Facility for Cisco
Jun 25, 2015
PRINCETON, N.J.; June 23, 2015 – Today, NRG Renew LLC, a wholly owned subsidiary of NRG Energy, Inc. (NYSE:NRG), the country's largest independent power producer, announced plans to develop a 20 megawatt (MW) solar energy facility that will generate clean, reliable solar power for delivery to Cisco's San Jose headquarters. NRG Renew LLC will convert its NRG Solar Blythe II location, which is a 153-acre parcel that has been under development by NRG since 2010, into a solar installation that will help Cisco reach its goal of using renewable sources for at least 25 percent of its electricity needs by 2017. The project is scheduled to begin commercial operation by the end of 2016.
"Partnerships with industry leaders like Cisco are a key part of our vision for a clean energy future because they reinforce just how integral renewable energy is to the everyday nature of business," said Tom Doyle, president and CEO of NRG Renew. "We are proud to work with Cisco to develop unique renewable solutions that help them reach their sustainability goals."
"Enabling a diverse energy supply through low-carbon and renewable sources is key to meeting Cisco's energy goals set forth in 2013. We thoroughly vetted potential solutions to help us realize our sustainability goals and are thrilled to collaborate with NRG to source renewable energy and increase our use of solar power. We look forward to exploring new, innovative ways to green the power we use," said Ali Ahmed, Global Energy and Sustainability Leader, Cisco.
Electricity generated by the solar installation will be sold to Cisco under a 20-year power purchase agreement (PPA), increasing Cisco headquarters' total use of clean, emission-free electricity.
Located in the Sonoran Desert near the Arizona and California border, the NRG Solar Blythe II location receives plentiful sunshine: For nearly half the year, average temperatures reach 90°F or higher. 1 The photovoltaic technology to be installed on-site requires no fuel and minimal water. The amount of emission-free energy generated is expected to be equivalent to the power needed to serve more than 14,000 homes and to prevent more than 102,000 metric tons of carbon dioxide from entering the atmosphere annually, which is the equivalent of removing more than 21,000 cars from the road. During the construction period, the project is anticipated to create approximately 200 jobs.
Cisco has also installed approximately 2MW of solar at Cisco facilities over the past two years, including a new system in Boxborough, Mass. In addition to using electricity from certified low-carbon and renewable sources, Cisco is committed to reducing its energy consumption by improving the efficiency of its buildings. Beyond decreasing lighting and space conditioning energy, Cisco is focused on reducing power consumption in its engineering labs, the company's largest consumers of energy and greatest source of greenhouse gas emissions. Cisco is also deploying new workplace designs to make better use of existing real estate and stimulate innovation through collaboration.
NRG and NRG Renew have already announced partnerships with several leading companies, including Unilever and Kaiser Permanente, to develop clean energy solutions. In addition, NRG has solar projects that are recently completed or under construction at MGM Resorts International, Starwood Hotels & Resorts Worldwide, Inc., Levi's Stadium and the AmericanAirlines Arena home of the Miami HEAT, along with community solar projects in California, Colorado and Vermont.
About NRG Renew
NRG Renew, a subsidiary of NRG Energy, Inc., owns or has partial investment in more than 150 renewable energy projects totaling approximately 4,500 gross MWac of solar and wind capacity in operation throughout North America. More information is available at http://www.nrg.com/renew.
NRG is leading customer-driven change in the U.S. energy industry by delivering cleaner and smarter energy choices, while building on the strength of the nation's largest and most diverse competitive power portfolio. A Fortune 200 company, we create value through reliable and efficient conventional generation while driving innovation in solar and renewable power, electric vehicle ecosystems, carbon capture technology and customer-centric energy solutions. Our retail electricity providers serve almost 3 million residential and commercial customers throughout the country. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy and @NRGMedia.
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include NRG's expectations regarding the Company's solar projects and forward-looking statements typically can be identified by the use of words such as "will," "expect," "believe," and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our solar projects. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.
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