NRG keeps up the green

Not to keep writing about NRG, but… the company said today it is purchasing the largest solar power plant in California:

“The 21 megawatt (MW) Blythe Solar Project will be NRG’s first solar generation facility in operation when it comes online later this year. The site was acquired from First Solar, Inc., a leader in advanced and efficient thin film solar technology focused on manufacturing solar panels and developing solar projects for utilities and generators to operate.
Located in Riverside County in southeastern California, approximately 200 miles east of Los Angeles, the solar PV field will provide electricity to Southern California Edison (SCE) under a 20-year power purchase agreement. At peak capacity, the site will be able to meet the needs of almost 17,000 homes.”

Not everything out of NRG recently has been about renewables. At the analyst conference last week they say they hope to patent a natural gas power plant technology, said they may soon announce another investor in the expansion of the South Texas Project nuclear plant, and appear to be close to final approval for an 800 megawatt expansion of the Limestone coal-fired power plant in Limestone County.
But the folks at Tudor Pickering, who were at the analyst meeting last week, said they are a bit concerned by too much talk of renewables:

“No change to our Buy thesis; strong cash flow (CFFO ~20%/year through 2012), well hedged (100% in 2010, 70% 2011) and 2nd highest NAV upside of our IPP coverage (25%). Expect an announcement of the sell down of equity in nuclear development JV before year end as a smallish, but near-term catalyst. All-renewables-all-the-time investor conference tempers our enthusiasm somewhat around NRG’s cash generation story – will they spend it all on alternatives? Watching cash allocation decisions closely.”