NRG takes over 4-MW solar project in US Virgin Islands

Jul 22, 2014 - US utility NRG Energy Inc (NYSE:NRG) said Monday it has purchased a 4-MW solar project in the US Virgin Islands (USVI) from a unit of Japanese diversified manufacturer Toshiba Corp (TYO:6502).

Toshiba International Corp (TIC) will continue to provide engineering, procurement and construction services. The two companies did not disclose any financial details about the deal.

The Spanish Town Estate project on the island of St Croix has a 25-year power purchase agreement (PPA) with the USVI Water and Power Authority (WAPA). Construction of the park kicked off in April. Once operational, it is expected to generate enough electricity to power more than 1,500 local households.

USVI aims to cut the consumption of energy generated from fossil fuels by 60% within the next 10 years.

NRG currently operates utility-scale and distributed solar projects in Haiti and on the island of St John, and it has a microgrid installation in progress on Necker Island. This acquisition will expand the company's footprint in the renewable energy sector in the Caribbean region.

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