SANTA MONICA, Calif., July 25, 2014 /PRNewswire/ -- SolarReserve, a leading global developer of utility-scale solar power projects and advanced thermal energy storage technology, today announced that it signed a supply contract for its 20 megawatt (MW) Acajutla photovoltaic (PV) solar power project in El Salvador as part of a highly competitive tender solicitation by the local electric distribution companies. The tender, the country's first for utility-scale solar power, was administered by Distribuidora de Electricidad del Sur ("DELSUR"), one of the seven electricity distribution companies in El Salvador, and was overseen by El Salvador's Electricity and Telecommunications regulatory body Superintendencia General de Electricidad y Telecomunicaciones ("SIGET").
The Acajutla project is the first of several in SolarReserve's pipeline of 800 MW of solar power projects in development in Latin America, which includes advanced solar thermal technology (CSP), photovoltaic (PV) technology, and hybrid (combined CSP and PV) solutions that can provide competitive 24-hour solar energy.
"Many Latin American countries, including El Salvador, have experience with renewable energy such as geothermal or hydroelectric. As demand for electricity continues to grow, Latin America represents a great opportunity for solar power development," said Kevin Smith, SolarReserve's CEO. "With the region's excellent solar resource and escalating and uncertain prices of fossil fuels, solar power makes more than just environmental sense – it makes economic sense. We look forward to continuing our work on Acajutla and on our other photovoltaic and solar thermal projects in development in Latin America."
About SolarReserve, LLC
Headquartered in Santa Monica, California, SolarReserve is a leading developer of utility-scale solar power projects and advanced thermal energy storage technology with more than $1.8 billion of projects in construction and operation globally. SolarReserve has commercialized the world's leading solar thermal energy storage technology utilizing molten salt in a power tower configuration. This game changing technology enables the company's solar thermal (CSP) power plants to operate on-demand day and night, delivering a stable and predictable electricity supply similar to that of conventional fossil fuel-burning power facilities, but without the associated harmful emissions and without any fuel costs.
SolarReserve's experienced team of power project professionals has assembled an extensive 5,000 MW worldwide development portfolio of large-scale solar projects. The company's balanced portfolio of power projects includes advanced solar thermal technology (CSP), photovoltaic (PV) technology, and hybrid (combined CSP and PV) solutions.
SolarReserve's 110 MW Crescent Dunes Solar Energy Plant located in Nevada is the first utility-scale facility in the world to feature advanced molten salt power tower energy storage capabilities. The project, currently in the commissioning phase, will generate more than 500,000 megawatt-hours of electricity per year and includes 10 hours of full-load energy storage, powering 75,000 Nevada homes with clean reliable electricity – day and night. Nevada's largest electric utility, NV Energy, will purchase 100 percent of the electricity generated under a 25-year power purchase agreement.
The SolarReserve team is adept at developing large scale projects internationally including three PV projects, totaling 246 MW of generation capacity, in construction and operation in South Africa. The Lesedi and Letsatsi Projects, totaling 150 MW-DC of installed capacity, came on-line in May 2014 and are capable of powering more than 130,000 South African homes with clean energy. The projects were selected as the "African Renewable Energy Deal of the Year" by Project Finance Magazine in 2012. The 96 MW Jasper power project, slated for completion in 2014, is one of the largest solar installations on the continent.
In addition to its headquarters in the US, SolarReserve has offices in Spain, Chile, South Africa, Turkey, Australia, United Arab Emirates and the UK, with activities underway in the Middle East, Africa, Australia, China, and Latin America.