News Releases

NV Energy and Solar Millennium Sign M.O.U. for Solar Development in Southern Nevada

Mar 3, 2009

NV Energy, Inc. (NYSE: NVE) and Solar Millennium, LLC, together with its joint venture partner MAN Ferrostaal Inc., today announced that they have entered into a memorandum of understanding for potential development of one or more solar power facilities in southern Nevada.

The initial project under consideration is a 250-megawatt (MW) solar trough technology plant at a site located in Nye County that includes thermal storage, enabling the plant to produce energy beyond daylight hours during hot summer months when electricity demand is at its highest. Plans call for the project to be completed in 2013-14, depending on permitting, financing and other government approvals.

“Solar technologies have been making great strides in the last several years,” said Michael Yackira, President and CEO of NV Energy. “It is now reasonable to believe that projects like this one will be capable of providing reliable power supply as part of a mix of resources that will include other types of renewable resources as well as clean and efficient traditional generation such as natural gas-fired plants. Such a project as the one being studied in Nye County would also provide a boost to the local economy.”

Under the agreement, the parties are studying thermal storage technology, which is similar to that being used at several Solar Millennium projects in Spain. They are also undertaking transmission and environmental studies, and reviewing financing options.

Christian Beltle, CEO of Solar Millennium AG, and Josef Eichhammer, CEO of the US subsidiary, expressed that solar thermal power can make a major contribution to renewable energy in Nevada and to its economy and that Solar Millennium is very excited to pursue these projects with NV Energy.

Referring to the Economic Stimulus Bill, Christian Beltle added: “We hope to find the support from the involved agencies to be able to permit the power plants such that we can start construction no later than 2010.”

Uwe T. Schmidt, CEO of MAN Ferrostaal Inc., emphasized: “Having constructed more than 5,000 facilities around the world we are very much looking forward to building a CSP plant with NV Energy that will set a new benchmark for advanced solar energy in the U.S.”

A decision to proceed with development and, ultimately, construction will be subject to this ongoing research and approval by the Public Utilities Commission of Nevada.

Yackira added, “NV Energy is excited about being involved in storage technology that has long been talked about. As a result, we expect that our company will remain at the forefront of utilizing renewable resources and technologies, in this case solar energy, for the benefit of our customers and the environment.”

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 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.

Solar Millennium, LLC in Berkeley, Calif., is the U.S. subsidiary of Solar Millennium AG, a globally active company in the renewable energy sector focused on the design, development and operation of solar thermal power plants. MAN Ferrostaal Inc. is the U.S. subsidiary of MAN Ferrostaal AG, a global construction and engineering company with 4,200 people in 60 different countries and annual revenue of more than $2.2 billion.

These statements contain forward-looking statements regarding the future performance of 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, changes in research and development in solar technologies, risks related to constructing, operating and financing solar renewable energy projects, risks related to regulatory approval and permitting, and regulatory treatment of costs associated with constructing and operating solar renewable energy projects. 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, filed with the SEC. 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.

For further information:

Source: NV Energy, Inc.

NV Energy, Inc., Las Vegas
Media Contacts:
Adam Grant, 702-402-5222
Rainer Aringhoff, 510-524-4517 x 302
President, Solar Millennium
Investor Contact:
Britta Carlson, 702-402-5624