LAS VEGAS, Feb 09, 2010 (BUSINESS WIRE) -- NV Energy (NYSE: NVE) and Pattern Energy Group LP announced that the two companies have entered into a 20-year power purchase agreement for the sale of energy produced from a proposed wind energy project to be located in eastern Nevada.

The 150-megawatt Spring Valley Wind Project would be Nevada's first major wind project and is expected to be generating electricity by late 2011. The project would create more than 150 jobs during the construction phase and approximately 10 permanent positions.

Terms of the power purchase agreement, which is subject to approval by the Public Utilities Commission of Nevada, were not disclosed.

NV Energy's President and Chief Executive Officer Michael Yackira said the agreement with Pattern Energy is an important step in the company's efforts to diversify its renewable energy portfolio. "We're pleased to add more clean renewable energy for our customers, and this project is a good example of developing renewable energy resources in remote parts of our state."

NV Energy currently has nearly 1,000 megawatts of geothermal, solar, biomass, hydro, waste-heat recovery and wind energy under contract or in the project development stage.

"Pattern is very excited to have executed this groundbreaking agreement with NV Energy," said Pattern Energy Chief Executive Officer Mike Garland. "We look forward to building the first utility-scale wind project in the state and providing jobs and renewable energy to the citizens of Nevada."

About NV Energy

Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company with principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, doing business as NV Energy. Serving a combined 54,500-square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually. For more information, visit www.nvenergy.com.

About Pattern Energy Group

Pattern Energy Group LP is an independent energy company that develops, constructs, owns and operates renewable energy and transmission assets across North America and parts of Latin America. Pattern is currently constructing a 101.3MW project in Northern California. Pattern's development pipeline exceeds 4,000 MW of wind power in various states and four countries, in addition to several power transmission and natural gas projects. Pattern's 80-person staff has developed, financed, and placed into operation more than 2,000 MW of wind power.

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 constructing and financing renewable wind energy projects, regulatory approval and permitting, and fluctuating output from the plants, changes NV Energy's renewable energy contract portfolio and changes in 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.

SOURCE: NV Energy