NV Energy, American Capital Energy Sign Long-term PPA

NV Energy, Inc. (NYSE: NVE) and American Capital Energy have entered into a long-term power purchase agreement (PPA) for the sale of energy produced from a 20-megawatt (MW) photovoltaic power plant to be constructed near Searchlight, Nevada, 55 miles south of Las Vegas.

The project, expected to be completed by mid-2010, will be larger than the 14-MW photovoltaic facility completed in 2007 at Nellis Air Force Base. The Nellis plant, toured by President Obama on a recent visit to Las Vegas, is the largest PV facility currently operating in the United States.

“This is another major step in our commitment to bringing power from renewable resources to the citizens of Nevada,” said Michael Yackira, NV Energy president and CEO. “Our state is blessed with abundant solar, geothermal and wind resources, and expanding the use of these resources through power purchases of this kind or direct investment in renewable projects is one of our top priorities.”

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

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

The companies said all of the PV output from the plants will go to customers of NV Energy’s southern service territory. Construction of the project is expected to create more than 120 solar jobs.

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.

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