NV Energy and NextLight Renewable Power, LLC Announce 25-Year Power Purchase Agreement for Solar Project
Feb 16, 2010
LAS VEGAS – February 16, 2010 – NV Energy (NYSE: NVE) and NextLight Renewable Power, LLC, today announced a 25-year contract for the purchase and sale of energy to be produced at NextLight’s 50 MW Silver State Solar Power photovoltaic facility near Primm, Nevada.
Silver State Solar Power is located on Bureau of Land Management land, and will interconnect at NV Energy’s Bighorn substation adjacent to the project site. The project will use solar photovoltaic technology to generate clean, emissions-free energy. Slated to commence construction as early as December 2010, the project will employ up to 230 workers during construction and is targeted for initial energy deliveries in May 2011.
NV Energy’s President and Chief Executive Officer Michael Yackira said the addition of a significant amount of solar resources is very important to the company and its customers, as it complies with the Nevada Renewable Energy Act that requires 6 percent of the total renewable energy credits to come from solar resources. “We are pleased to be part of NextLight’s project and taking another step forward in utilizing the abundant solar resources in our state for the benefit of our customers,” he said.
Frank De Rosa, NextLight’s CEO, stated that “NV Energy is a key strategic partner in the region and has the vision to bring renewable energy into the mainstream of electricity generation. Southern Nevada has all of the attributes necessary to make this a successful solar project: suitable land, superior insolation, ready access to transmission, a skilled workforce and a business-friendly climate.”
The Silver State Solar Power project is one of more than 41 proposed or existing renewable energy facilities that are benefiting NV Energy customers in Nevada. NV Energy currently has more than 1,200 megawatts of geothermal, solar, biomass, waste-heat recovery and wind energy under contract that are either in commercial operation or in the project development stage.
The specific terms of the NextLight power purchase agreement were not disclosed. The long- term agreement stems from NV Energy’s 2009 Request for Proposals for renewable energy and requires approval by the Public Utilities Commission of Nevada.
About NV Energy
Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually. For more information, visit www.nvenergy.com
About NextLight Renewable Power, LLC
Headquartered in San Francisco, California, NextLight Renewable Power, LLC is the nation’s leading independent utility-scale solar power development company, with eight photovoltaic projects totaling over 1,300 MW in advanced stages of development and 570 MW under contract with major Western utilities. NextLight was formed in 2007 by the inaugural fund of Energy Capital Partners, a private equity firm, to respond to the growing demand for clean, carbon-free, utility-scale renewable energy. Together, NextLight and Energy Capital Partners combine expertise in project development and financial resources to build, own and operate successful, utility-scale solar generating facilities. For more information, visit NextLight at www.nextlight.com and Energy Capital Partners at www.ecpartners.com.
These statements contain forward-looking statements regarding the future performance of Nevada Power Company d/b/a NV Energy, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, risks related to financing solar energy projects, and regulatory approval and permitting, changes NV Energy’s renewable portfolio standard, changes in NV Energy’s renewable energy contract portfolio and changes in construction and operating needs associated with the project. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, are contained in the Annual Reports of NV Energy, Inc. and Nevada Power Company d/b/a NV Energy on Form 10-K for the year ended December 31, 2008 and in its Quarterly Report on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 31, 2009, filed with the Securities & Exchange Commission. NV Energy undertakes no obligation to release publicly the result of any revisions to these forward- looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.