SolarReserve agrees to purchase NV Energy’s Crescent Dunes solar project output

22nd December 2009

California-based developer of utility-scale solar power projects SolarReserve has signed a 25-year power purchase agreement with NV Energy for the sale of electricity from its Crescent Dunes solar energy project.

Developed and owned by SolarReserve’s subsidiary, Tonopah Solar Energy, the 100MW solar energy project will be located in Nevada and will supply approximately 480,000 MWh of energy annually.

The project will utilise United Technologies’ advanced molten salt system technology incorporating energy efficient storage, for which SolarReserve holds the exclusive worldwide license.

The project will have an annual operating budget of more than $5m, with the majority of that budget spent in the region.

‘The Tonopah project is a significant step in the advancement of clean and reliable solar power for the United States and Nevada and will be a catalyst for new technology manufacturing in the region,’ said Kevin Smith, SolarReserve’s CEO.

The company says the long-term agreement stems from NV Energy’s 2008 request for proposals for renewable energy and requires the approval of the Public Utilities Commission of Nevada.

Solar energy developer SolarReserve is headquartered California, with early stage activities in Latin America, Africa, the Middle East, and Australia. Its management team has previously developed and financed more than $15bn in renewable and conventional energy projects.

Earlier this month, the Public Utilities Commission of Nevada approved three NV Energy power purchase agreements in the state, where the company is headquartered.

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