March 4, 2014
NRG Energy, Inc. (NYSE:NRG), through its wholly owned subsidiary NRG Solar LLC, and The Boeing Company (NYSE:BA), started construction on Dandan, Guam's first solar power plant. NRG will bring its experience and ingenuity as a solar innovator to this project, proven by the company's successful development of solutions ranging from the world's largest solar thermal and photovoltaic facilities to professional sports stadium rooftops to customizable solar canopies. Boeing will provide its engineering, procurement and construction expertise to the project.
Dandan will generate 25 megawatts (AC), enough clean energy to power 10,000 homes and offset consumption of almost 2 million barrels of fuel oil and diesel. Energy generated will be sold to the Guam Power Authority, the island's sole electric utility, under two 25-year power purchase agreements that will help Guam achieve its renewable energy goals by 2015.
'Guam is taking a strong step forward in realizing its sustainability goals, both from an environmental and economic point of view,' said Joaquin C. Flores, general manager, Guam Power Authority. 'We look forward to seeing the facility completed and observing how it will serve as a catalyst for more interest in renewable energy on the island.'
'NRG Solar's objective is to be at the forefront of the clean tech industry to provide affordable and reliable energy options by spearheading innovative financing and procurement strategies that drive down the balance of system costs,' said Tom Doyle, President and CEO of NRG Solar. 'Dandan paves the way for other renewable energy possibilities in the region. We are proud to own this project and look forward to being a part of the positive lasting impact it will make on Guam.'
'Clean, affordable, and secure power is a big need for Guam and throughout the world,' said Tim Noonan, vice president of Ventures, part of Boeing's Defense, Space and Security division. 'Our engineering, procurement and program management expertise coupled with NRG's approach to providing leading edge energy solutions creates a powerful and capable team. It's a great global market for Boeing outside of our core business.'
Located in the South Pacific, Guam is geographically isolated from major ports in the region and relies on imported oil and diesel to generate all of its energy.
According to the GPA estimates, the project is expected to generate enough clean solar power during the power purchase agreements to realize a total fuel cost savings to GPA of over $300 million. The clean energy generated will cut annual carbon dioxide emissions by more than 40,000 metric tons, the equivalent of taking nearly 7,300 cars off the road.
About NRG and NRG Solar
NRG is leading a 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 500 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 - Reliant, Green Mountain Energy, Energy Plus and NRG Residential Solutions - serve more than 2 million residential and commercial customers throughout the country. More information is available at www.nrgenergy.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
NRG, through its subsidiaries including NRG Solar LLC, has more than 2,000 MW of photovoltaic and solar thermal projects in operation, under construction or in development across the southwestern United States. More information is available at www.nrgsolar.com. Connect with NRG Solar on Facebook and follow us on Twitter @nrgsolar.
A unit of The Boeing Company, Boeing Defense, Space and Security is one of the world's largest defense, space and security businesses specializing in innovative and capabilities-driven customer solutions, and the world's largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Defense, Space and Security is a $33 billion business with 58,000 employees worldwide. Follow us on Twitter @BoeingDefense.
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 Guam solar project 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 electric vehicle 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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