Project to showcase large scale solar thermal project with integrated energy storage

SolarReserve , a California-based developer of utility-scale solar power projects, has signed a 25-year power purchase agreement with NV Energy for the sale of electricity from SolarReserve’s Crescent Dunes Solar Energy Project.

Santa Monica, Calif., January 4, 2010—SolarReserve , a California-based developer of utility-scale solar power projects, has signed a 25-year power purchase agreement with NV Energy for the sale of electricity from SolarReserve’s Crescent Dunes Solar Energy Project. Developed and owned by SolarReserve’s subsidiary, Tonopah Solar Energy, LLC, the 100-megawatt solar energy project will be located near the town of Tonopah in Nye County, Nev. When completed, Tonopah Solar Energy’s facility will supply approximately 480,000 MWh annually of clean, renewable electricity—enough to power up to 75,000 homes during peak electricity periods utilizing its innovative energy storage capabilities.

The project will utilize the advanced molten salt system technology from United Technologies Corp. (UTC), the diversified technology company headquartered in Connecticut. SolarReserve holds the exclusive worldwide license for this technology. This technology features efficient energy storage inherent in the technology design that can provide electricity reliably during peak demand periods to meet utility requirements whether the sun is shining or not.

Expected to break ground by the end of 2010, the project will create as many as 450 construction jobs for Nevada during the two-year construction period. It will employ 45 permanent operations staff and will have an annual operating budget of more than $5.0 million, with the majority of that budget spent in the region. In addition, up to 4,000 indirect jobs would be created through the use of locally based suppliers and service providers. The project will generate sales and property tax revenue estimated at more than $40 million over the project operating period. The project also supports SolarReserve and suppliers’ design, development and engineering staffs with more than 100 engineers working to further U.S. developed solar energy technology for potential export around the world.

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