SolarReserve has entered into a 25-year power purchasing agreement with NV Energy for sale of solar electricity generated in its Crescent Dunes Solar Energy Project. SolarReserve is a developer of utility-scale solar power plants and is based in California. This project is developed and owned by Tonopah Solar Energy, a SolarReserve’s subsidiary.
The 100-megawatt Crescent Dunes Solar Energy Project is to be installed near the town of Tonopah in Nye County, Nevada. When the solar energy project is completed, it will supply about 480,000 megawatt hours per year of renewable energy. This electricity is enough to power about 75,000 houses during peak demand hours by using its advanced energy storage technologies.
SolarReserve utilizes a groundbreaking energy storage technology from United Technologies Corporation in this project. SolarReserve has exclusive global rights for this innovative technology. This advanced storage technology enables power to be stored and help to meet the consumer’s peak hour demand during cloudy periods and nights.
The project is expected to commence during the end of year 2010 and will take about two years for it be completed. It will provide about 450 jobs during its construction period in Nevada. The project will create employment in the region, providing direct jobs to 45 people during its operation and about 4,000 indirect jobs through service providers and suppliers. During the entire operating period, the project will generate more than $40 million through sales and property tax revenue. It also supports SolarReserve suppliers’ development, design and engineering staffs.
Kevin Smith, SolarReserve’s Chief Executive Officer, said that this project is an important step for the development of renewable energy in Nevada as well as United States. Kevin Smith further added that the company was delighted to be working with NV Energy and hopes to collaborate with the company on other projects in future. Kevin Smith acknowledged the support provided by Senator Harry Reid and other members of the Nevada delegation. He also thanked Air Force Secretary Michael Donley for his role played to move the project ahead.