NRG Energy seeks $350m to build three solar plants in Hawaii
US power company NRG Energy is said to be seeking around $350m of funding to complete the construction of three solar power plants in Hawaii. Purchased from bankrupt SunEdison in 2016, the projects have a combined capacity of 109.6 MW. CIT Group has reportedly been chosen to lead the financing deal, and NRG has signed new power purchase agreements with Hawaiian Electric, after the previous ones with SunEdison were cancelled.

US power producer NRG Energy Inc (NYSE:NRG) is looking for about USD 350 million (EUR 302m) in financing to construct three solar power plants in Hawaii, Bloomberg reported on Tuesday, citing people with knowledge of the deal.

NRG acquired three projects from bankrupt SunEdison Inc in 2016. They have a combined capacity of 109.6 MW and include the 49-MW Kawailoa, the 45.9-MW Waipio and the 14.7-MW Lanikuhana photovoltaic (PV) parks. The company signed new power purchase agreements (PPAs) for the plants with Hawaiian Electric Co, which had cancelled the original ones with SunEdison.

According to the Bloomberg article, NRG has picked CIT Group Inc to lead the financing deal.

Reporting third-quarter results last week, NRG said it expects to sell 100% of its interest in NRG Yield Inc (NYSE:NYLD.A) and its Renewables platform as part of its transformation plan, launched in July. The company targets up to USD 4 billion of cash proceeds from asset sales.

(USD 1 = EUR 0.862)

Choose your newsletter by Renewables Now. Join for free!