Tenaska Solar Ventures Acquires Silverleaf Solar Project in Imperial Valley, Calif.

Strong, Innovative Team Builds on Tenaska's Solar Energy Momentum

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Aug 27, 2012, 07:00 ET

OMAHA, Neb., Aug. 27, 2012 /PRNewswire/ -- Tenaska Solar Ventures, LLC (TSV), an affiliate of Omaha-based Tenaska, today announced that it has acquired the Silverleaf photovoltaic solar project, a proposed 160-megawatt (MW) solar energy project under development in Southern California, from Agile Solar Holdings, an affiliate of Agile Energy, LLC (Agile Energy), and Bregal Energy, an affiliate of Agile Solar Holdings. The transaction closed on Aug. 1.

"Tenaska has 25 years of experience bringing energy projects to the finish line, across the nation and now in California," said Steve Johnson, vice president, Development. "This record and Agile Energy's expertise create a strong, innovative team that will build on Tenaska's solar energy development momentum. Together, we will help California electricity providers meet the state's renewables portfolio standard."

Tenaska is one of the nation's largest independent energy producers. Agile Energy, of San Bruno, Calif., is a developer of utility-scale power generating projects and will provide development services to TSV through the completion of project permitting. TSV will assume responsibility for all other development aspects of the project, including securing a power purchase agreement.

The project, to be named Tenaska Silverleaf Solar Energy Center, would be located on approximately 1,100 acres of agricultural land west of El Centro, Calif., and east of Tenaska Imperial Solar Energy Center West, a 150-MW solar generating facility also being developed by an affiliate of TSV.

Construction is slated to begin as early as 2014, with commercial operation targeted for as early as 2015. The project is expected to provide approximately 250 direct jobs during peak construction and two to six full-time positions after the plant begins operations.

"Agile Energy's vision of developing a major solar generating station in the Imperial Valley will now be realized with the backing of Tenaska," said Glen Davis, CEO of Agile Energy. "We're excited to be working with one of the premier companies in our industry to bring Silverleaf into operation."

TSV is one of America's top five utility-scale solar developers, according to PV News, having successfully developed two solar energy centers in California's Imperial Valley to date. Tenaska recently obtained commercial financing for and began construction of Tenaska Imperial Solar Energy Center South, a 130-MW photovoltaic solar generating plant near El Centro. The plant is one of the largest commercially financed solar projects in the U.S. to date. Commercial operation is expected in the second half of 2013. TSV has completed permitting for the Tenaska Imperial Solar Energy Center West. Commercial financing and construction is expected in early 2013, with commercial operation in 2015.

Tenaska has developed approximately 9,000 MW of electric generating capacity across the United States. Forbes magazine ranks Tenaska 25th among the largest privately-held U.S. companies, based on 2010 revenues.

About Tenaska Solar Ventures

Tenaska Solar Ventures, LLC, is the solar energy development affiliate of Tenaska. Tenaska is one of the largest independent power producers in the United States. Forbes magazine ranks Tenaska 25th among the largest privately-held U.S. companies, based on 2010 revenues. Tenaska has developed approximately 9,000 megawatts (MW) of electric generating capacity across the United States. Tenaska affiliates currently operate and manage eight power plants totaling more than 6,700 MW that it owns in partnership with other companies. Tenaska is headquartered in Omaha, Neb., with offices in Dallas, Denver, Pittsburgh and Calgary, Alberta, Canada. Tenaska affiliates also market natural gas, electric power and biofuels, with Tenaska's natural gas marketing affiliate rated as one of the top ten natural gas marketers in North America. Tenaska affiliates are also involved in private equity fund and acquisition management, fuel supply, natural gas exploration, production and transportation systems and electric transmission development. For more information about Tenaska and Tenaska Solar Ventures, visit www.tenaska.com or www.tenaskasolarventures.com.

About Agile Energy, LLC

Agile Energy, LLC is a developer of utility-scale power generating projects. The company manages and performs all development activities required to bring its projects from conception through completion, including siting, environmental permitting, securing transmission, contract negotiations and arranging project financing. Focused on photovoltaic and natural gas projects in North America, Agile Energy is emerging as one of the most reliable, determined and creative development companies in the energy sector.

SOURCE Tenaska