SolarReserve’s 110 MW Crescent Dunes Concentrated Solar Power Plant located in Nevada is the first utility-scale facility in the world to feature advanced molten salt power tower energy storage capabilities.
SolarReserve, a leading global developer of utility-scale solar power projects and advanced solar thermal technology, today announced it ranked the fastest growing cleantech company on the Deloitte Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. SolarReserve was also rated the 20th fastest growing among all technology companies. Rankings are based on percentage revenue growth over five years, from 2009 to 2013.
SolarReserve’s chief executive officer, Kevin Smith, credits the company’s industry leading solar thermal energy storage technology with the significant revenue growth, along with the company’s diverse 5,000 MW worldwide development portfolio of large-scale solar projects. Smith said, “The recognition of our growth by the prominent Deloitte Technology Fast 500 is an honor as well as a validation of our team’s strong expertise and dedication in advancing our solar energy storage technology and our ability to win in markets worldwide.”
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2009 to 2013.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must be in business for a minimum of five years and be headquartered within North America.
SolarReserve, LLC – headquartered in Santa Monica, California – is a leading developer of utility-scale solar power projects and advanced solar thermal technology with more than $1.8 billion of projects in construction and operation worldwide. SolarReserve’s experienced team of power project professionals has assembled an extensive 5,000 MW worldwide development portfolio of large-scale solar projects. The company’s diverse portfolio of solar power projects is comprised of advanced solar thermal technology (CSP), photovoltaic (PV) technology, and hybrid (combined CSP and PV) solutions that can deliver solar energy that is cost competitive with conventional energy sources, including projects that can provide reliable solar energy 24-hours per day .
SolarReserve’s 110 MW Crescent Dunes Solar Energy Plant located in Nevada is the first utility-scale facility in the world to feature advanced molten salt power tower energy storage capabilities. The project, currently in the commissioning phase, will generate more than 500,000 megawatt-hours per year and includes 10 hours of full-load energy storage. This annual output is more than twice that of other technologies per MW of capacity, such as photovoltaics (PV) or direct steam solar thermal. The storage technology also eliminates the need for any backup fossil fuels, such as natural gas, which are needed with other solar technologies to keep the system operating during times of reduced solar resource. Nevada’s largest electric utility, NV Energy, will purchase 100 percent of the electricity generated by the Crescent Dunes project under a 25-year power purchase agreement and is expected to dispatch the project to generate solar generated electricity until 12 midnight in order to meet its peak energy demand periods.
The SolarReserve team has been successful at developing large scale projects internationally including three PV projects, totaling 246 MW of generation capacity, in operation in South Africa. The Lesedi and Letsatsi Projects, totaling 150 MW of installed capacity, came online in May 2014 and are capable of powering more than 130,000 South African homes with clean energy. The projects were selected as the “African Renewable Energy Deal of the Year” by Project Finance Magazine in 2012. The 96 MW Jasper power project, which just came online in October 2014, is the largest solar installation in Africa.
In addition to its headquarters in the US, SolarReserve has offices in Chile, South Africa, Turkey, Spain, Australia and the United Arab Emirates, with activities underway in the Middle East, Africa, Australia, China, India and Latin America.