UPDATE 1-NRG, SunPower to build solar ranch in California

* NRG Solar to invest up to $450 mln of equity in project

* NRG to own ranch, while SunPower to continue to operate it

(Adds details)

Nov 30 (BestGrowthStock) – Solar power companies NRG Solar and
SunPower Corp (SPWRA.O: ) inked a deal to begin construction next
year of the 250-megawatt California Valley solar ranch in San
Luis Obispo county, creating about 350 jobs.

NRG Solar, a unit of NRG Energy Inc (NRG.N: ), plans to invest
up to $450 million of equity in the project over the next four
years, the companies said.

Under the terms, NRG will assume ownership and financing
responsibilities for the ranch. SunPower will continue to
operate the plant.

Construction is expected to start in the second half of
2011. When fully operational, the solar power plant will help
California achieve its 33 percent renewable portfolio standard.
(Reporting by S. John Tilak in Bangalore; Editing by Jon
Loades-Carter)

UPDATE 1-NRG, SunPower to build solar ranch in California