(Updates with sale, buyer in first paragraph.)
Sept. 30 (Bloomberg) -- SunPower Corp., a solar manufacturer majority-owned by Total SA, sold to NRG Energy Inc. a project in Southern California that is backed by a U.S. loan guarantee.
NRG completed the acquisition today immediately prior to the U.S. Energy Department’s announcement of a $1.24 billion loan guarantee for the project, the Princeton, New Jersey-based company said in a statement. Terms weren’t disclosed.
The 250-megawatt California Valley Solar Ranch project in San Luis Obispo County will sell electricity to PG&E Corp., the state’s largest utility, the Energy Department said today on its website. SunPower expects to complete construction in 2013. NRG will jointly operate and maintain the project for two years, then assume full responsibility of operations.
The deadline for completing loan guarantees was today. The Energy Department’s program has come under scrutiny from lawmakers in Washington following Solyndra LLC’s Sept. 6 bankruptcy filing. The Fremont, California-based solar-panel maker received a $535 million loan guarantee.
--Editors: Will Wade, Charles Siler
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