NRG Energy Inc (NYSE: NRG) is teaming up with First Solar (NASDAQ: FSLR) for its Tucson, Arizona solar project.
First Solar will build the 26-megawatt Avra Valley project using its thin-film solar panels.
The structures will also include a single-axis tracker system, another specialty of First Solar, which tracks the sun’s arc across the sky to maximize production efficiency.
The system is particularly beneficial in the middle of the day, when the sun is at its highest and most powerful, in its ability to aim the panels in the most direct line of light.
NRG has created a 20-year power purchase agreement with Tucson Electric Power, a sector of UniSource Energy Corp (NYSE: UNS), to sell the solar power.
The companies plan to begin construction as early as this month, hoping to have it completed by the end of the year.
The project has the potential to create 200 jobs.
NRG Director of Development James Kelly spoke on behalf of his company:
“We look forward to working with First Solar on the Avra Valley project that, when completed, will help Arizona meet its renewable energy goals.”
Financial details of the project have yet to be released.
First Solar also recently sold two projects in St. Clair, Ontario, Canada to NextEra Energy Resources, LLC, a subsidiary of NextEra Energy Inc (NYSE: NEE).
Combined, the projects equal 40 megawatts and have the capability to power 6,440 homes.
First Solar was down 5.49% to $25.98 in Monday afternoon trading.
That’s all for now,