Fotowatio Renewable Ventures (FRV) Project with NV Energy Submitted to Public Utilities Commission of Nevada

37.5 MW Solar Power Project to be Financed, Developed, Owned and Operated by Fotowatio Renewable Ventures

Fotowatio Renewable Ventures (FRV) Project with NV Energy Submitted to Public Utilities Commission of Nevada

37.5 MW Solar Power Project to be Financed, Developed, Owned and Operated by Fotowatio Renewable Ventures

SAN FRANCISCO, CA - March 14, 2011 - Fotowatio Renewable Ventures (FRV) has contracted with NV Energy for a 25-year power purchase agreement for the ‘Spectrum Solar' power plant, which FRV plans to finance, develop, own and operate. NV Energy has just submitted its application for approval from the Public Utilities Commission of Nevada [PUCN] to enter into a long-term power purchase agreement for a new 37.5 megawatt [MWdc] photovoltaic solar energy project proposed for deployment in southern Nevada. Approval by the PUCN will be a critical milestone in the continued successful development of this photovoltaic facility sited northeast of Las Vegas.

Spectrum Solar will be built in Clark County, Nevada, approximately 20 miles northeast of Las Vegas, and will be interconnected at NV Energy's substation adjacent to the project site. The project will use solar photovoltaic technology to generate clean, emissions-free energy to meet the demand of over 7,000 homes in Clark County. Construction is slated to commence as early as 2011; the project will employ many workers during construction, and is scheduled for initial energy delivery in late 2012.

"NV Energy is visionary in its efforts to bring emissions-free solar energy into the mainstream of electricity generation. Siting this new 37.5 MWdc photovoltaic array in Southern Nevada is ideal: it will be installed at a location that offers optimal insolation, ready access to transmission, and a skilled workforce," said FRV CEO Jose Benjumea. "This is our second contract with NV Energy, and it demonstrates NV Energy's clear commitment to developing solid projects with credible developers in the renewable energy realm. FRV is proud of its track record of developing cost-efficient renewable projects for our clients - thanks to our conscientious, process-oriented approach to delivering clean, reliable and affordable solar energy. FRV anticipates bringing new projects like this one to utilities that are committed to making solar an increasingly mainstream energy source in the U.S. We very much look forward to working with NV Energy and the surrounding community to construct a renewable energy asset that will provide both economic and environmental benefits to the region."

"We are pleased to be working with FRV on this project," said NV Energy's President and Chief Executive Officer Michael Yackira. "NV Energy is proud to be taking another step forward in utilizing Nevada's abundant sunshine for the benefit of our customers; the addition of this significant solar project is very important to us - and the communities we serve."

This new renewable energy contract will help NV Energy meet its renewable portfolio standard established by the Nevada State Legislature, which is currently at 15 percent and increases to 25 percent by the year 2525.

About FRV
FRV is a global independent power producer that develops, owns and operates solar power plants. It is one of the largest solar power companies in the world with over 230 MW in operation and construction, and more than 2,200 MW under development. FRV is a pioneer in U.S. solar project development having built the country's first utility-scale power plant in 2007. FRV develops solar projects using a robust and disciplined development process supported by core competencies across the project lifecycle including, site acquisition, interconnection, financing and plant development. FRV has offices in Madrid (Spain), San Francisco (U.S.), and Torino (Italy), and is owned by GE Energy Financial Services, Landon Group, and Qualitas Venture Capital.


Contact: Susan DeVico (510) 339-1527

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