Las Vegas, February 10, 2010 — NV Energy signed a 20-year power purchase agreement with a unit of Ram Power Corp. for energy that will be produced by a new geothermal power plant under development in central Nevada.
The 32-MW Clayton Valley Geothermal Project is expected to be generating electricity by 2014.
Terms of the power purchase agreement, which is subject to approval by the Public Utilities Commission of Nevada, were not disclosed.
The generating plant is being developed on one of five geothermal leases that Ram Power has acquired from the Bureau of Land Management in Esmeralda County, about halfway between Reno and Las Vegas.
According to the developer, Clayton Valley has sufficient geothermal resources to produce up to 160 MW of electricity, which is enough to serve up to 96,000 households. The project will be developed and operated by Ram Power subsidiary Clayton Valley 1, LLC.
Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company with principal units, Nevada Power Company and Sierra Pacific Power Company, doing business as NV Energy. Serving a combined 54,500-square-mile service territory, NV Energy provides a wide range of energy services and products to about 2.4 million citizens of Nevada and nearly 40 million tourists annually.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing and operating geothermal properties and has an interest in geothermal projects primarily in the U.S., Canada, and Latin America.