NV Energy Announces Largest Clean Energy Investment in Nevada's History

LAS VEGAS, May 31, 2018 /PRNewswire/ -- NV Energy today announced it has contracted for more than 1,000 megawatts of new renewable energy resources to be built in Nevada, and for the first time, is requesting approval to build 100 megawatts of battery energy capacity.  Three of the projects will be located in northern Nevada and three will be located in southern Nevada.  The company will file this resource plan with the Public Utilities Commission of Nevada (PUCN) on June 1, 2018.

NV Energy's Chief Executive Officer Paul Caudill said that the renewable energy expansion is the largest such investment in the state's history.

"The six new projects position NV Energy to keep its commitment to double renewable energy by 2023 and, importantly, by diversifying our state's electricity generation portfolio, will reduce the costs to serve customers." These projects also represent a step forward in the company's long-term goal of serving Nevada customers with 100 percent renewable energy.

"We calculate that the direct investment in Nevada's economy, which includes the cost of construction, will be greater than $2 billion," Caudill stated.  He noted that more than 1,700 construction workers will be needed, and that the company required worksite labor agreements to be signed to ensure that union craftsmen will participate.  Approximately 80 new long-term, permanent jobs will be created.

"Work on this resource planning effort began not long after the 2017 state legislative session ended and demonstrates that we are navigating the uncertainties in the current market, given Question 3 on the statewide ballot," Caudill stated. 

The six new solar energy projects and three related battery-energy storage resources are the result of a competitive solicitation initiated in January of this year.  All projects are expected to be completed and serving customers by the end of 2021. The resource plan filing requires approval of the Public Utilities Commission of Nevada.

Caudill also noted that NV Energy has the option to not proceed with the proposed plan in the event Question 3 passes, in order to avoid increasing the liabilities and risks to NV Energy customers as described in the PUCN's April 2018 report on Question 3.

These six projects will be added to NV Energy's current portfolio of 51 geothermal, solar, hydro, wind, biomass and supported rooftop solar projects – bringing NV Energy's total renewable energy portfolio to more than 3.2 gigawatts of renewable energy in Nevada.

NV Energy provides a wide range of energy services to 1.4 million customers throughout Nevada and more than 43 million tourists annually. NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, do business as NV Energy. NV Energy is headquartered in Las Vegas, Nevada. Information about NV Energy is available on the company's website, Twitter, Facebook and YouTube pages, which can be accessed via nvenergy.com.

Fact Sheet - Solar Project Information

General Information:

• NV Energy has secured more than 1 gigawatt (1,001 megawatts) of new solar energy in Nevada and the state's first major battery energy storage capacity.
• NV Energy will file a request with the Public Utilities Commission of Nevada June 1, 2018 requesting approval of six new 25-year renewable energy power purchase agreements totaling more than one gigawatt, which is enough power to serve more than 600,000 typical Nevada homes.
• The direct investment of greater than $2 billion will benefit Nevada's economy.
• This clean energy expansion includes – for the first time in Nevada – a major 100-megawatt investment in integrated battery energy storage systems charged by solar energy, which will help meet the needs of customers during cloudy days and during late afternoon and evening hours when solar energy is unavailable.
• NV Energy plans to grow its renewable energy portfolio and keep costs to customers lower than they would be otherwise.
• More than 1,700 construction workers will be needed, and NV Energy required worksite labor agreements to be signed to ensure that union craftsmen will participate. Approximately 80 new long-term, permanent jobs will be created.
• All new renewable energy projects are expected to be serving customers by the end of 2021.

Six New Power Purchase Agreements:

• Battle Mountain Solar Project – 101-megawatt solar photovoltaic project located near Battle Mountain, Nevada. Includes 25 megawatts of battery energy storage for a four-hour period. It is being developed by Cypress Creek Renewables, which is a privately held solar developer with more than 2.2 gigawatts of solar energy projects developed to date across 12 states. Unlike most combined solar and battery energy storage systems that lose efficiency through multiple conversions between direct current and alternating current energy, Cypress Creek's Battle Mountain Solar project only needs one conversion by coupling their direct-current battery system to their solar field. At 25 megawatts, this resource will be the nation's largest DC-coupled combined solar and battery storage system.
• Dodge Flat Solar Energy Center – 200-megawatt solar photovoltaic project located east of Reno, Nevada. It is being developed by NextEra Energy Resources, LLC. The Dodge Flat Energy Center will integrate 50 megawatts of battery energy storage for four hours. NextEra Energy Resources, LLC is the world's largest operator of renewable energy from the wind and sun and one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017.
• Fish Springs Ranch Solar Energy Center – 100-megawatt solar photovoltaic project located north of Reno, Nevada. It is being developed by NextEra Energy Resources, LLC. The Fish Springs Ranch Solar Energy Center will integrate 25 megawatts of battery energy storage for four hours. NextEra Energy Resources, LLC is the world's largest operator of renewable energy from the wind and sun and one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017.
• Eagle Shadow Mountain Solar Farm – 300-megawatt solar photovoltaic project located north of Las Vegas on land owned by the Moapa Band of Paiutes. It is being developed by 8minutenergy Renewables, which is the largest independent solar and storage developer in the United States. To date, 8minutenergy Renewables has 7.5 gigawatts of solar photovoltaic and one gigawatt of storage under development in North America.
• Copper Mountain Solar 5 – 250-megawatt solar photovoltaic project in Eldorado Valley, just south of Boulder City, Nevada. It is being developed by Sempra Renewables, a subsidiary of Sempra Energy, which is a leading U.S. developer of renewable energy. Together with its partners, the company owns and operates nearly 2,600 megawatts of renewable generating capacity serving 11 states.
• Techren Solar V – 50-megawatt solar photovoltaic project in Eldorado Valley, just south of Boulder City, Nevada. It is being developed by Techren Solar LLC and will be adjacent to Techren Solar I, II, III and IV, which currently are in the construction stage. With the addition of Techren Solar V, the total Techren project size will be 400 megawatts.

NV Energy

• These six new projects will be added to NV Energy's current portfolio of 51 geothermal, solar, hydro, wind and biomass projects.
• NV Energy also supported the installation of more than 20,000 rooftop solar projects, with more to come.
• With the addition of these new projects, the company's total clean energy portfolio will be more than 3.2 gigawatts.
• NV Energy provides a wide range of energy services to 1.4 million customers throughout Nevada and more than 43 million tourists annually. NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, do business as NV Energy. NV Energy is headquartered in Las Vegas, Nevada. Information about NV Energy is available on the company's website, Twitter, Facebook and YouTube pages, which can be accessed via nvenergy.com.

SOURCE NV Energy

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