$737 Million Loan to Concentrating Solar Power in Nevada

SolarReserve, a U.S. developer of large-scale solar power projects, today announced the U.S. Department of Energy’s offer of a conditional commitment for a $737 million loan guarantee for the 110 megawatt (MW) Crescent Dunes Solar Energy Project to be built in Tonopah, Nev. The DOE loan guarantee offer is a critical step in the progress of this landmark project, with construction slated for the summer of 2011 and the start of operations in late 2013.

Upon completion, SolarReserve’s 110 MW Crescent Dunes project will be the largest molten salt power tower project in the world and will provide electricity to approximately 75,000 homes during peak electricity periods. The power from SolarReserve’s project will be provided to NV Energy under a long-term power purchase agreement approved by the Nevada Public Utilities Commission in 2010.

“Today’s announcement is about one thing: creating good paying clean energy jobs right here in Nevada,” said Senate Majority Leader Harry Reid, D-Nev. “Innovative companies like SolarReserve are helping ensure that Nevada can lead the nation in clean energy production, putting people back to work and pushing America toward energy independence. They deserve all the public and private support we can muster.”

The solar energy project is expected to create more than 600 jobs on the project site over the 30-month construction period, and more than 4,300 direct and indirect induced jobs in the facility supply chain including manufacturing, value-added services and transportation. Additionally, the project will employ 45 full time operational staff and will spend upwards to $10 million per year in operating costs and is forecasted to generate $37 million in total tax revenues over the first 10 years of operation – contributing to workers’ paychecks, service businesses, local school systems and police and fire departments.