NRG buys US Virgin Islands project
NRG Energy has acquired the 4MW (AC) Spanish Town Estate Solar project on the island of St. Croix in the U.S. Virgin Islands from Toshiba International Corp.
NRG did not disclose financial terms of the deal.
Toshiba began construction of the facility in April. It remains lead engineering, procurement and construction contractor.
The US Virgin Island Water and Power Authority (WAPA) will purchase all electricity generated by the plant under a 25-year power off-take agreement. The plant will power about 1,500 homes.
The project will help the US territory achieve its goal to reduce fossil fuel energy consumption by 60% over the next decade.
“Not only is solar cost-competitive here, but it provides clean, emission-free power, helping to ensure that the pristine beauty of the island is not compromised by the economic costs and detrimental effects of importing and using fossil fuels,” says Tom Doyle, president of NRG’s renewable energy business unit.
The transaction expands NRG’s efforts in the Caribbean region with utility-scale solar and distributed solar projects in Haiti and St. John, and a microgrid installation in progress on Necker Island.