Monday, September 20, 2010

SolarReserve Expands, Opening Nevada Office

SANTA MONICA, Calif.--(BUSINESS WIRE)--SolarReserve today announced the opening of its new office in Las Vegas for staff leading development and construction of a 100-megawatt utility-scale solar thermal plant located near the town of Tonopah, in Nye County. In addition to the Tonopah project, the new office staff will pursue additional solar development opportunities in Nevada.

“Opening our Nevada office is meaningful because it represents not only another step toward the completion of our project but also illustrates a commitment to expanding our presence in Nevada,” said Kevin Smith, SolarReserve’s CEO. “We view Nevada as a hub for solar power development–with SolarReserve planning to build utility scale solar plants utilizing technology that was developed here in the U.S., creating solid jobs and using Nevada’s workforce to fill those jobs.”

Utilizing an advanced molten salt system technology, the Crescent Dunes Solar Energy Project at Tonopah has the ability to store 10 hours of solar energy and consequently has the capacity to generate electricity during cloud cover or after the sun has gone down. The plant also has the ability to shift power production to meet peak demand periods. This energy storage capability provides a stable, reliable electricity product similar to that of conventional fuel-burning power facilities, but without the associated harmful emissions. When completed, the Crescent Dunes solar project will supply approximately 480,000-megawatt hours annually of clean, renewable electricity–enough to power up to 75,000 homes during peak electricity periods utilizing its innovative energy storage capabilities.

“Nevada is an ideal state to develop solar thermal power plants given its high solar resource, skilled labor pool, along with the state’s and NV Energy’s commitment to renewable energy,” said Smith. “Las Vegas is the right location for our new office to support project development and construction efforts. SolarReserve is also exploring options for supply chain sourcing from Las Vegas, which would further add to local job creation and economic benefits for the area.”

In July, SolarReserve learned NV Energy had received approval from the Public Utilities Commission of Nevada regarding its 25-year purchase power agreement for the sale of electricity from the Tonopah facility. SolarReserve expects to receive environmental approvals and commence constructions by the end of 2010.

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