Energy

California First to Generate 5% of Electricity From Utility-Scale Solar

Solar Farm Desert
Source: Thinkstock
California added nearly 1,900 megawatts of solar power generation in 2014 and became the first state to reach a total of more than 5% of its generation from utility-scale solar plants. The state now claims 5,400 megawatts of utility-scale solar generation.

Two utility-scale solar photovoltaic (PV) plants were added to California’s fleet of power plants in 2014, the 550-megawatt Topaz solar farm built by First Solar Inc. (NASDAQ: FSLR) and the Desert Sunlight plant, also 550-megawatt plant and another First Solar project. MidAmerican Energy Holdings, a Berkshire Hathaway Inc. (NYSE: BRK-A) company, owns Topaz and a consortium including a subsidiary of NextEra Energy Inc. (NYSE: NEE) owns Desert Sunlight.

Another two utility-scale plants that generate power with solar thermal technology also came online last year: the 377-megawatt Ivanpah plant and the 250-megawatt Genesis plant. Ivanpah was built by BrightSource and is owned by BrightSource, Google Inc. (NASDAQ: GOOGL) and NRG Energy Inc. (NYSE: NRG). Genesis is owned by Next Era, GE Energy Services and Sumitomo.

ALSO READ: Why Top Solar Stocks Should Outperform the Stock Market

The report was published on Tuesday by the U.S. Energy Information Administration (EIA), which also noted:

California’s utility-scale solar production in 2014 was more than three times the output of the next-highest state, Arizona, and more than all other states combined.

The state of California’s renewable portfolio standard requires the state’s electricity providers to source 33% of their power from renewable sources by 2020. As of last year, California gets 22% of its power from renewable sources, including hydroelectric.

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.