MGM Resorts International and NRG Energy Celebrate the Installation of the World’s Largest Convention Center Solar Array
LAS VEGAS, October 23, 2014 /3BL Media/ - NRG Energy, Inc. (NYSE: NRG) and MGM Resorts International (NYSE: MGM) today announced the completed installation of the world’s largest rooftop solar array on a convention center. Covering approximately 20 acres atop the Mandalay Bay Resort and Casino, the 6.4 megawatt (MW dc) [5.0 megawatt ac (MW ac)] photovoltaic array will produce enough electricity to power the equivalent of approximately 1,000 U.S. homes annually and is the first of its kind on the Las Vegas Strip.
In conjunction with the celebration, MGM Resorts and NRG also announced plans to build an additional 2 MW dc (1.5 MW ac) photovoltaic array atop a future expansion of the Mandalay Bay Convention Center, scheduled to begin construction later this year.
“Today marks a major milestone for MGM Resorts, NRG and the entire Las Vegas community,” said Jim Murren, Chairman and CEO of MGM Resorts International. “The completion of this solar array demonstrates our steadfast commitment to the principles of environmental responsibility, and the announcement of the second array reinforces that we’re always looking to do more.”
Once completed, the combined solar installation is expected to provide pricing stability and reduce energy draw from the southern Nevada grid during the hottest time of the day which is also peak electricity demand. The project is estimated to displace approximately 6,300 metric tons of carbon dioxide (CO2), which is the equivalent of taking more than 1,300 cars off the road.
“As one of the largest providers of renewable energy solutions in North America, we’re delighted to be the chosen partner of MGM Resorts to take this giant leap forward and join their longstanding legacy in environmental stewardship,” said Tom Doyle, President and CEO of NRG Renew. “NRG envisions a thriving, sustainable future powered by renewable energy. We look forward to continuing our partnership with MGM in bringing competitively priced, clean energy to Mandalay Bay through the second solar array of this project; further supporting their commitment to reducing energy costs.”
“Together, MGM Resorts and NRG are an excellent example of private sector companies working together to develop innovative technologies that protect our planet’s most precious resources,” said Nevada Senator and Senate Majority Leader Harry Reid. “I applaud MGM and NRG for leading the way for other businesses to embrace environmental best practices, and demonstrating that it’s good for business.”
“The rooftop solar installation at Mandalay Bay significantly advances our resort’s commitment to being a leading sustainable destination for conferences and conventions,” said Chuck Bowling, President and COO of Mandalay Bay. “Partnering with a progressive company like NRG to achieve this milestone reinforces our commitment to promoting renewable energy and protecting the planet’s limited resources as supported by our Green Advantage sustainability initiative that has already decreased our energy load by over 14 percent since 2007.”
NRG financed, constructed, owns and operates the installation for MGM Resorts at Mandalay Bay Resort and Casino. Through a Power Purchase Agreement (PPA), Mandalay Bay Resort will purchase all the electricity generated by both solar arrays.
About NRG Energy and NRG Renew
NRG Energy (NYSE: NRG) is leading customer-driven change in the U.S. energy industry by delivering cleaner and smarter energy choices, while building on the strength of the nation’s largest and most diverse competitive power portfolio. A Fortune 250 company, we create value through reliable and efficient conventional generation while driving innovation in solar and renewable power, electric vehicle ecosystems, carbon capture technology and customer-centric energy solutions. Our retail electricity providers serve almost 3 million residential and commercial customers throughout the country. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy and @NRGMedia.
NRG Renew, a subsidiary of NRG Energy, owns or has partial investment in more than 150 renewable energy projects totaling approximately 4,500 gross megawatts (MWac) of solar and wind capacity in operation throughout North America.
More information is available at http://www.nrg.com/renew
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include NRG’s expectations regarding the Company’s MGM solar project and forward-looking statements typically can be identified by the use of words such as “will,” “expect,” “believe,” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our solar projects. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission at www.sec.gov.