Wednesday, December 05, 2012

SolarReserve Honored at 2012 Platts Global Energy Awards


SANTA MONICA, Calif., Dec. 5, 2012 /PRNewswire/ --  SolarReserve, a U.S. developer of utility-scale solar power projects, led the renewable energy industry as an award finalist in four categories, including Leading Technology, at the 2012 Platts Global Energy Awards, held in New York on November 29th. Hosted by Platts, a major energy, metals and petrochemicals information provider worldwide, the annual awards program honors exemplary achievement in the global energy industry, recognizing corporate and individual performance, innovation and entrepreneurship.

Alongside some the world's leading energy giants, both conventional and alternative energy, SolarReserve received the "Award of Excellence" in the Corporate Stewardship category, which recognizes the company's commitment to corporate social responsibility, efficiency and the production of renewable energy.  SolarReserve CEO, Kevin Smith, captured the "Rising Star – Individual" award in the Vision and Leadership category for his dedication and entrepreneurship in the power and energy industry worldwide.

"We were pleased that SolarReserve received such significant recognition by Platts and its distinguished panel of judges as a result of our market-leading solar energy storage technology and the progress our team has made in implementing large scale solar projects," said Kevin Smith, SolarReserve's CEO. "While it was an honor to be personally recognized, the individual award is a reflection of the contributions by everyone at SolarReserve to the company's substantial achievements."

SolarReserve has the most advanced solar energy storage technology in the industry as its molten salt power tower design has the capability to deliver clean, reliable electricity at any time, day or night.  SolarReserve's concentrated solar power plants capture and store the sun's thermal energy and can operate on demand just like a conventional coal, natural gas or nuclear power plant, but without the harmful emissions associated with burning fossil fuels or other hazardous wastes associated with conventional power plant technology.  Providing firm and predictable electricity generated from the sun, a limitless fuel, SolarReserve's technology also provides grid stability and a solution to intermittent electricity generation, a problem from which most other renewable technologies suffer.

SolarReserve's flagship project began construction in September 2011, near Tonopah, Nevada.  Once completed, the 110 megawatt Crescent Dunes Solar Energy Plant will be the first commercial scale solar plant of its kind with integrated energy storage. The plant will deliver clean and reliable electricity to NV Energy and more than 75,000 homes during peak demand periods in the state of Nevada.  More than 275 construction workers are currently on site, with 75 percent of the cumulative workforce coming from Nevada residents.  The construction workforce will peak at almost 600 workers and the project is expected to create over 4,300 direct, indirect and induced jobs during the construction phase.  To date, the project has purchased equipment and services from US manufacturers and suppliers from 20 states.

"Winners of the Platts Global Energy Awards, as well as finalists, are to be congratulated for their accomplishments, contributions and commitment to the improvement of the global energy arena," said Larry Neal, president of Platts.  According to Platts, "Innovation is at the heart of all alternative energy industries – and SolarReserve is an outstanding example of innovative thinking."  All judging decisions are made by an independent panel of distinguished energy sector experts. For the full list of 2012 Platts Global Energy Awards winners, including the judges' rationale, visit the Platts Global Energy Awards website.

About SolarReserve
SolarReserve, LLC – headquartered in Santa Monica, California – is a developer of large-scale solar energy projects with activities worldwide.  SolarReserve has commercialized the world's leading solar thermal energy storage technology utilizing molten salt in a power tower configuration. SolarReserve's team of power project professionals have assembled an extensive 4,000 MW development portfolio of large-scale solar projects featuring its advanced solar thermal technology (also referred to as concentrated solar power or CSP) as well as projects utilizing photovoltaic technology. SolarReserve's lead CSP project, the 110 MW Crescent Dunes Solar Energy Project located near Tonopah, Nevada, started construction in September of 2011 and is the world's largest molten salt power tower project and includes 10 hours of full-load integrated energy storage.  In November of 2012, SolarReserve and its consortium partners started construction on two 75 MW photovoltaic projects in South African in one of the largest project finance transactions ever completed in South Africa and among the largest renewable energy projects in Africa.