SolarReserve Awarded Solar Industry Award For Excellence In Technology

SANTA MONICA, Calif., Oct. 2, 2013 /PRNewswire/ -- SolarReserve, a U.S. developer of large-scale solar power projects, today announced the company was the recipient of the "Solar Award for Excellence: Technology" for its molten salt power tower technology, an award which was received at the Solar Industry Awards Ceremony on October 1^st, 2013 in France. The Solar Industry Awards, presented by Solar International (a PV Management Magazine), recognizes companies that demonstrate excellence in technological development, innovation, product distinction and manufacturing processes across the solar market while reducing overall cost.

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"One of the strengths of the Solar Awards is that winners are selected by their peers within the solar community which demonstrates both recognition and appreciation of a company or individual's efforts," said David Risdale, editor of Solar International. "Energy storage is one of the major challenges facing solar and renewable energy and SolarReserve's solution provides an environmentally benign approach that impressed the deciding panel."

Unlike other commercial-scale solar and wind power technologies, SolarReserve's innovative concentrating solar power (CSP) technology utilizes integrated energy storage to deliver reliable, firm electricity on-demand, day or night. SolarReserve's flagship project, the 110 megawatt Crescent Dunes plant near Tonopah, Nevada, includes 10 hours of full-load integrated energy storage. Once completed, Crescent Dunes will be the first solar plant with fully integrated energy storage in the U.S. and the largest plant of its kind in the world.

"Knowing our industry peers recognize the significance of SolarReserve's innovative energy storage technology as a leading solution to the world's growing appetite for energy is a great honor for us," said Kevin Smith, CEO of SolarReserve. "Through construction of large-scale power plants, fueled only by the sun and which provide firm, reliable power around the clock, we continue to demonstrate our deep commitment to bringing forward technologically advanced solutions that have the potential to revolutionize the energy industry."

With fully integrated energy storage technology that utilizes liquid molten salt to both capture and store the sun's thermal energy until electricity is needed, SolarReserve's CSP plants operate just like a conventional power generator and are a genuine alternative to baseload coal, nuclear or natural gas burning electricity generation facilities, and eliminate the pollution and hazardous wastes associated with conventional power plants. Through this innovative, forward-thinking approach to clean power generation, SolarReserve offers power utilities and large industrial energy users reliable, renewable energy on demand - day and night - to help them meet growing energy consumption needs.

With activities worldwide, including more than $1.8 billion in solar projects currently in construction, SolarReserve is providing renewable energy solutions that not only generate clean energy, but also cultivate economic growth for communities and support the goal of energy independence for countries around the world.

About SolarReserve

Headquartered in Santa Monica, California, SolarReserve LLC was founded to solve two fundamental problems in renewable energy generation – dispatchability and scalability. In an effort to address a global need and make clean energy a reality, the company's expert team of power project professionals has assembled an extensive 5,000 MW worldwide development portfolio of large-scale solar projects. In addition to the Crescent Dunes project, the company also has 246 MW of photovoltaic (PV) projects in construction in South Africa - some of which are the largest project finance transactions ever completed in South Africa and among the largest renewable energy projects on continental Africa.

For more information: www.SolarReserve.com

U.S. Media Contact: Andi Plocek, SolarReserve, [email protected]

SOURCE SolarReserve