Sep 22 2005
Solargenix Energy announced today the approval of amendments to their Power Purchase Agreements with Nevada Power Company and Sierra Pacific Power Company by the Public Utility Commission of Nevada.
This approval by the PUCN will allow Solargenix to complete the development of Nevada Solar One, a 64-megawatt (MW) Solar Thermal Electric Generating Plant located in Boulder City, Nevada.
Nevada Solar One will be the largest solar electric power plant to be built globally in the past 14 years and it will be the third largest solar power plant in the world. This project will make Nevada one of the largest generators of solar energy in the U. S.
“We are most appreciative of all of the efforts by the many participants that helped make Nevada’s Renewal Energy Portfolio standard possible, including the PUCN, Governor Guinn, the Nevada State Legislature, the Nevada Bureau of Consumer Protection, Nevada Power Company, Sierra Pacific Power Company, the Nevada Development Authority and all of the citizens of Boulder City,” said Solargenix CEO John Myles.
Myles also explained that “many people are not familiar with concentrating solar thermal technology, and its proven track record and capability to play a significant role in addressing many of the most important energy issues that confront America and the rest of the world.”
According to published information from the U. S. Department of Energy through the U.S. National Laboratories, which is available on the Solargenix website, the parabolic trough technology utilized in this plant represents one of the major renewable energy success stories of the past 2 decades and has a near-term potential to compete directly with conventional fossil fuel powered technologies. In addition, the DOE has issued a report that identifies suitable land and solar resources in Nevada that could produce over 600,000 megawatts (MW) of power generation using concentrating solar technologies. Currently, Nevada’s electricity consumption is less than 3% of this resource capacity. This same report claims that the economic benefits far exceed the cost to develop this clean renewable energy source. The Boulder City plant located in the El Dorado Valley is scheduled to begin production of electricity in early 2007.
Myles added that, “critical major equipment and components have been ordered, land agreements are completed with Boulder City and interim financing is in place.”