A power company with headquarters in New Jersey agreed to acquire rights to the world's largest operational solar project for $800 million, according to published reports.

When construction is completed in 2014, Agua Caliente of Yuma County, Arizona will be a 290-megawatt generator that will encompass 2,400 acres of land. The purchaser, NRG Energy of Princeton, New Jersey, is buying from First Solar, a Tempe, Arizona photovoltaic developer and manufacturer.

"Solar power is critical to transitioning our nation to having a greater emphasis on large-scale clean energy technologies and it is going to be projects of the scale of Agua Caliente that will help us achieve this ambitious goal," according to David Crane, president and chief executive officer of NRG Energy.

The U.S. Energy Department is reviewing federal loan guarantee paperwork that would support Agua Caliente's construction.

Energy generated by the project will be sold to Pacific Gas and Electric of California as part of a 25-year power purchase agreement.

"This investment significantly increases our presence in the state and benefits the residents of Arizona while providing attractive returns to NRG’s stakeholders," Crane said.