NV Energy (NYSE: NVE) and Renewable Ventures have entered into a long-term power purchase agreement for the sale of energy produced from a 26-megawatt (MW) DC solar photovoltaic 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.
Terms of the power purchase agreement, which is subject to approval by the Public Utilities Commission of Nevada, were not disclosed.
The agreement will help NV Energy in meeting Nevada’s portfolio standard, which was recently increased by the state’s 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 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 an estimated 5,000 homes annually.
Renewable Ventures, a Fotowatio company, recently announced the completion of Solar Fund V to finance more than $200 million of new solar energy projects across the United States.
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