* NRG Solar to invest up to $450 million of equity in project
* NRG to own ranch, while SunPower to continue to operate it
(Adds details)
Nov 30 (Reuters) - Solar power companies NRG Solar and SunPower Corp inked a deal to begin construction next year of the 250-megawatt California Valley solar ranch in San Luis Obispo county, creating about 350 jobs.
NRG Solar, a unit of NRG Energy Inc, plans to invest up to $450 million of equity in the project over the next four years, the companies said.
Under the terms, NRG will assume ownership and financing responsibilities for the ranch. SunPower will continue to operate the plant.
Construction is expected to start in the second half of 2011. When fully operational, the solar power plant will help California achieve its 33 percent renewable portfolio standard. (Reporting by S. John Tilak in Bangalore; Editing by Jon Loades-Carter)