Who owns Ivanpah Solar Electric Generating System

Ivanpah Solar Electric Generating System - Profile

Ivanpah is a concentrated solar thermal power plant in the Mojave Desert of San Bernardino County, California, close to the Nevada border. About 173,500 computer controlled heliostats, each carrying two mirrors, focus sunlight on boilers mounted on three towers roughly 450 feet tall, raising steam that drives conventional turbines for a gross capacity of 392 megawatts across three units. The project was developed by BrightSource Energy, cost around 2.2 billion dollars to build, and began commercial operation in February 2014, with NRG Energy running the plant. Output is sold under long term power purchase agreements, units 1 and 3 to Pacific Gas and Electric and unit 2 to Southern California Edison. PG and E agreed in 2025 to end its two contracts early, which would have retired units 1 and 3 during 2026, but the California Public Utilities Commission rejected that settlement in December 2025 and the units remain running.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• NRG Energy, Inc.. Q2 2026 10-Q glossary and Item 3 (Quantitative and Qualitative Disclosures About Market Risk): 'Ivanpah Solar Electric Generation Station, a 385 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest.' Both the 10-Q and the FY2025 10-K state NRG's investment in Ivanpah is a variable interest entity (VIE) for which NRG is NOT the primary beneficiary, so it is unconsolidated despite NRG holding the majority economic interest; NRG's pro-rata share of Ivanpah's non-recourse debt was approximately $461 million (Q2 2026 10-Q) / $462 million (FY2025 10-K). This is the reverse of a typical minority-consolidation case: NRG holds the larger stake but does not control the entity, so it is not consolidated. Despite being majority-owned, Ivanpah does NOT appear in the FY2025 10-K's Note 16 table of equity method investments, which lists only Gladstone ($0 balance) and Midway-Sunset Cogeneration Company ($16 million balance) totaling $16 million in 'Total equity investments in affiliates.' No separate carrying value for Ivanpah was found in either filing searched, so value_usd is null rather than assumed to be $0; see unknowns. This is a real, named, disclosed 54.5% economic interest in a private project company, not a PPA, not a generation asset owned outright, and not a tax equity financing arrangement. sourcesource 2