NV Energy agree on 26-MW PPA for solar power

APEX, NEVADA - NV Energy, Inc. and Renewable Ventures, a Fotowatio company, announced that they have entered into a long-term power purchase agreement (PPA) for the sale of energy produced from a 26-megawatt (MW) DC solar photovoltaic (PV) power plant that will be constructed near Apex, Nevada.

The project, expected to be completed by the end of 2010, will be the second solar PV agreement that NV Energy has announced in the past month, following the agreement with American Capital Energy (ACE) for energy from a 20 MW DC array in Searchlight, Nevada.

“Continuing to add clean energy resources to our portfolio is a core element of our company’s three-part energy supply strategy,” said Michael Yackira, NV Energy president and CEO. “We are working diligently to keep Nevada at the forefront in use of solar energy by continuing to tap into the abundant resources that our state is blessed with.”

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

"Renewable Ventures is delighted to be working on this solar PV project. We are honored to have been selected to work with NV Energy to deliver clean, renewable solar energy to Nevada," said Matt Cheney, CEO of Renewable Ventures.

The agreement will help NV Energy in meeting NevadaÂ’s portfolio standard, which was recently increased by the stateÂ’s legislature. The standard now requires that 25 percent of energy be generated by renewable resources and energy efficiency and conservation programs by 2025.

The companies said all of the electricity produced by the solar power plant will be used by customers of NV EnergyÂ’s southern service territory. The project will create approximately 200 jobs during construction and is expected to produce enough energy during operations to power an estimated 5,000 homes annually.