Utility operator NRG Energy Inc. (NRG), through its subsidiary NRG Renew, has entered into an agreement with Starwood Hotels & Resorts Worldwide, Inc. (HOT). Per the agreement, NRG Energy will utilize solar photovoltaic (PV) panels to meet a portion of the energy needs of different Sherwood properties.
The first project will be to provide renewable energy at The Phoenician, a Luxury Collection resort. NRG Renew will utilize 2,000 PV solar panels for the 568 kilowatt solar installation. The green energy produced from this unit will meet a part of this luxury resort’s energy needs.
Apart from providing green power, NRG Renew will also put due emphasis on aesthetics and special attention will be given towards placement of the solar panels. The ultimate objective is to ensure that the solar panels do not disturb the iconic view of this resort and blends naturally with the surroundings.
In addition, NRG Renew will also install solar panels in Starwood’s properties at The Westin St. John Resort in the U.S. Virgin Islands and The Westin Maui Resort & Spa, Kaanapali. These projects are expected to generate more than 2 megawatts of solar power.
The initiative undertaken by Starwood is a step towards the right direction in achieving its goal of lowering energy consumption and carbon emissions by 30% by 2020.
The environmental concerns relating to greenhouse gas emission from coal-based power plants and stringent regulations from state and federal bodies to curb pollution have seen an increasing reliance on renewable sources to produce electricity. A U.S. Energy Information Administration report indicates continued growth in utility-scale solar power generation, which is projected to average almost 80 gigawatt hours per day in 2016.
NRG Energy (NRG) currently has a Zacks Rank #3 (Hold). Other better-ranked stocks in the space include PG&E Corporation (PCG) and Huaneng Power International, Inc. (HNP). Both sport a Zacks Rank #1 (Strong Buy).
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