Media Contacts:
NV Energy, Adam Grant, (702) 402-5222
or
ACE, Tom Anderson, (505)490-9877
Analyst Contact: NV Energy, Britta Carlson, (702) 402-5624
NV Energy, Inc.(NYSE: NVE) and American Capital Energy (ACE) today announced that they have entered into a long-term power purchase agreement (PPA) for the sale of energy produced from a 20-megawatt (MW) DC solar photovoltaic (PV) power plant that will be constructed nearSearchlight, Nevada, 55 miles south ofLas Vegas.
The project, expected to be completed by mid-2010, will be larger than the 14-MW photovoltaic facility completed in 2007 atNellis Air Force Base. The Nellis plant, toured by President Obama on a recent visit toLas Vegas, is the largest PV facility currently operating inthe United States.
"This is another major step in our commitment to bringing power from renewable resources to the citizens of Nevada,"saidMichael Yackira, NVEnergy president and CEO."Our state is blessed with abundant solar, geothermal and wind resources, and expanding the use of these resources through power purchases of this kind or direct investment in renewable projects is one of our top priorities."
Terms of the power purchase agreement, which is subject to approval by thePublic Utilities Commission of Nevada, were not disclosed.
The agreement will assistNV Energyin meeting Nevada's portfolio standard, which was recently increased by the state legislature. The standard now requires that 25% of energy be generated by renewable resources and energy efficiency and conservation programs by 2025.
The companies said all of the PV output from the plants will go to customers of NV Energy's southern service territory. Construction of the project is expected to create more than 120 jobs and will further help develop Nevada's burgeoning renewable energy workforce.
"American Capital Energy is excited about the Searchlight Solar I solar PV project. We are honored to have been selected to work withNV Energyto deliver clean, renewable solar energy to southern Nevada,"said
Tom Hunton
, CEO of American Capital Energy.
Headquartered inLas Vegas, Nevada,NV Energy, Inc.is a holding company whose principal subsidiaries,Nevada Power Company and Sierra Pacific Power Company, are doing business asNV Energy. Serving a combined 54,500-square-mile service territory that stretches north to south fromElkotoLaughlin, NVEnergy provides a wide range of energy services and products to approximately 2.4 million citizens ofNevadaas well as approximately 40 million tourists annually.
Headquartered inMassachusetts, with offices across the country, American Capital Energy provides full-service project development and construction services for large-scale solar energy projects. ACE is committed to furthering the utilization of solar power by America's most forward thinking companies by offering customized solar photovoltaic systems designed for reliable long-term performance.
These statements contain forward-looking statements regarding the future performance ofNevada Power Companyd/b/aNV 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 constructing and financing solar renewable energy projects, regulatory approval and permitting, and fluctuating PV output from the plants. Additional cautionary statements regarding other risk factors that could have an effect on the future performance ofNV Energy, are contained in the Annual Reports ofNV Energy, Inc.andNevada Power Companyd/b/aNV Energyon Form 10-K for the year endedDecember 31, 2008and in its Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2009, filed with theSEC.NV Energyundertakes 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.
