SolarReserve Signs Power Contracts With PG&E, NV Energy

SolarReserve LLC, a Santa Monica, Calif.-based developer of utility-scale solar power projects, has signed agreements with two utilities for the sale of electricity from its projects.

Pacific Gas and Electric Co. (PG&E) will purchase power from SolarReserve's Rice Solar Energy Project, a 150 MW solar energy project that will be located 30 miles northwest of the city of Blythe in eastern Riverside County, Calif. When completed, the facility will supply approximately 450,000 MWh of electricity annually.

Subject to comprehensive environmental review by cooperating state and federal agencies, the Rice project could break ground as early as spring 2011.

Additionally, Solar Reserve has signed a 25-year power purchase agreement with NV Energy for the sale of electricity from its Crescent Dunes Solar Energy Project. Developed and owned by SolarReserve's subsidiary, Tonopah Solar Energy LLC, the 100 MW solar project will be located near the town of Tonopah in Nye County, Nev.

When completed, Tonopah Solar Energy's facility will supply approximately 480,000 MWh of electricity annually. SolarReserve says it expects to break ground on this project by the end of 2010.

SOURCE: SolarReserve LLC

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