U.S. solar developer NRG Energy Inc. said its latest acquisition will help the Virgin Islands meet its renewable energy consumption targets.

The company said it acquired a 4-megawatt solar power facility on St. Croix islands from Japanese company Toshiba for an undisclosed sum. NRG Energy said the solar facility would help the Virgin Islands meet its goal of reducing the amount of energy it gets from fossil fuels by 60 percent over the next 10 years.

Construction began on the Spanish Town Estate Solar project in April. Once completed, it would produce enough energy to meet the annual energy demands of more than 1,500 homes at its peak capacity.

Because of its southern location, the Virgin Islands get about 12 hours of sunlight per day on average for the year.

Power generated from the solar facility will be sold to the island's water and power authority under the terms of a 25-year purchase agreement, NRG said Monday.