NV Energy, Renewable Ventures sign long-term PPA for 26MW solar PV power plant in Nevada

NV Energy and Renewable Ventures have signed a long-term power purchase agreement for the sale of energy produced from a 26MW DC solar photovoltaic power plant that will be built near Apex, NV. The project will be the second PV agreement that NV Energy has announced in the past month, following the deal with American Capital Energy for energy from a 20MW DC array in Searchlight, NV.

Terms of the PPA, which is subject to approval by the Public Utilities Commission of Nevada, were not disclosed. The project is set for completion by the end of 2010, although details on the selection of the systems integrator and type of PV systems to be deployed have yet to be announced.

The companies said all of the electricity produced by the solar power plant will be used by customers of NV Energy’s southern service territory. The project will create approximately 200 jobs during
construction and is expected to produce enough energy during operations to power about 5000 homes annually.

The deal will also help the utility company in meeting Nevada’s portfolio standard, which was recently increased by the state legislature and now requires that 25% of energy be generated by renewable resources and energy efficiency and conservation programs by 2025.

Renewable Ventures, which is Fotowatio's global business unit, recently completed Solar Fund V to finance more than $200 million of new solar energy projects across the United States. The fund’s first project is a 2MW installation in Fort Collins, CO, that will sell energy to Colorado State University and renewable energy credits to Xcel Energy.