On Monday, the California Public Utilities Commission unanimously approved the sale of power from SolarReserve's 150-megawatt Rice Solar Energy Project to Pacific Gas & Electric via a 25-year power purchase agreement. This project will be the first large-scale solar project in the state to include energy storage capabilities, SolarReserve reported.

* The Rice Solar Energy Project, located in eastern Riverside County and bearing a $750 million price tag, is expected to generate more than 5,300 direct, indirect and induced jobs during its 24-month construction period, the Santa Monica-based company stated.

* SolarReserve's energy storage capability comes from the use of thousands of mirrors that focus sunlight onto a central tower containing molten salt, Bloomberg reported, which is funneled through a steam generator to produce electricity. The salt retains heat and can produce power at night.

* "Eight to 10 hours of fully dispatchable storage is quite impressive and offers significant benefits to the system that we don't yet know how to quantify fully, but there's definitely value there," said CPUC Commissioner Mike Florio.

* According to SolarReserve CEO Kevin Smith, the CPUC was clear that the storage ability was a key factor in approving the Rice contract. "This capability will be crucial as California progresses towards its 33 percent renewable target," said Smith.