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SolarReserve Signs PPA for 100-Megawatt CSP Project

January 18, 2010

SolarReserve, a solar energy developer based in Santa Monica, California, announced in late December that it signed a 25-year power purchase agreement (PPA) to sell electricity from the Crescent Dunes Solar Energy Project to NV Energy. SolarReserve's subsidiary, Tonopah Solar Energy, will develop and own the 100-megawatt, concentrating solar power project to be constructed near the town of Tonopah, in south central Nevada.

The project, which will feature an advanced molten-salt storage system, is expected to supply about 480,000 megawatt-hours of electricity per year or about enough to power 75,000 homes during periods of peak demand.

Construction is slated to begin before the end of this year, providing about 450 construction jobs over a two-year period. The project will also employ 45 workers in permanent operations positions. Crescent Dunes' annual operating budget will top $5 million, and the project is estimated to generate more than $40 million in sales and property tax revenue over its lifetime.

The PPA is one result of NV Energy’s 2008 Request for Proposals for renewable energy. The agreement requires the approval of the Public Utilities Commission of Nevada and will be included in the company’s Integrated Resource Filing scheduled for February 1, 2010.

For more information, see the December 22, 2009, Business Wire press release published by Earth Times.