Carson City - September 08, 2014
its unshakeable commitment to renewable energy in Nevada, the Governor’s Office
of Energy (GOE) approved a tax incentive for a solar energy generation project
in Clark County.
American Capital Energy – Searchlight Solar, LLC, received a
three-year sales and use tax incentive and 20-year property tax incentive as
part of the GOE Renewable Energy Tax Abatement Program, which awards incentives
to eligible renewable energy producers who are considering building a project
"The Searchlight Solar facility is a result
of Nevada’s commitment to the development and exportation of renewable energy
by removing barriers and developing better business models that benefit our ratepayers,”
GOE Director Paul Thomsen explained. “Nevada excels at renewable energy development because of streamlined permitting,
modern infrastructure, and enhanced incentives that prove to developers around
the world that NV means business.”
tax incentive amount granted for the Searchlight Solar project is $4.6 million
over the incentive period. The total amount Nevada stands to gain from the
project during that time is $50 million, which includes a $45 million capital
investment by the facility and $5 million combined from property taxes, school
support taxes, and employee payroll. This represents an 11-to-1 return on
to Tom Anderson, Development Program Manager for the Searchlight Solar project,
“The incentives available under the Nevada GOE Renewable Energy Tax Abatement
Program were integral to securing financing from DESRI for the Searchlight
Solar project. We appreciate the
hands-on support provided by the GOE in securing the incentives, and are
excited to be under construction.”
Searchlight Solar project is expected to create more than 125 construction
jobs, the majority of those comprised of local electrical workers and
labor. Once completed, the facility’s
maximum generating capacity will be 17.5 megawatts (MW) of electricity, enough
to power about 5,600 homes. This power will be sold to Nevada Power Company under
a 20-year purchase power agreement.
“We are pleased to be playing a part in
helping the State of Nevada achieve its renewable energy goals, while at the
same time promoting local, renewable-energy jobs in Clark County. We are looking forward to providing solar
energy to the residents of Southern Nevada,” said Bryan Martin, managing
director and head of U.S. growth and buyout private equity at the D. E. Shaw
250-acre project will join other commercial solar generating projects already
operating in the southern part of Clark County, a region that possesses an
abundance of sunshine, hosts modern energy infrastructure, and is located next
to robust energy markets such as Las Vegas and southern California.
Searchlight Solar project was originally developed by American Capital Energy,
Inc. and was acquired by an affiliate of D. E. Shaw Renewable Investments,
L.L.C. (DESRI) in partnership with Bright Plain Renewable Energy (BPRE).
learn more about how GOE is encouraging economic development in Nevada, please
visit the Renewable Energy
Tax Abatement Programwebpage.
Governor’s Office of Energy
Governor’s Office of Energy oversees energy programs required through statute
and those that help to meet the mission of the office, which is to ensure the
wise development of Nevada’s energy resources in harmony with local community
economic needs and Nevada natural resources. For more information about
GOE, please visit www.energy.nv.gov.
D. E. Shaw Renewable Investments
E. Shaw Renewable Investments, L.L.C. (DESRI) and its affiliates acquire
long-term contracted renewable energy assets in North America. DESRI is a
member of the D. E. Shaw group, a global investment and technology development
firm with more than 1,000 employees, approximately $33 billion in investment
capital as of July 1, 2014, and offices in North
America, Europe, and Asia. Please visit www.deshaw.com for more
information about the D. E. Shaw group.
Bright Plain Renewable Energy
was founded in 2011 by industry veterans David Buzby and William
Lee as an operating platform to acquire and manage solar projects
across North America. By building lasting relationships with project
developers and providing efficient and knowledgeable capital, BPRE is enabling
the growth of the solar industry. Likewise, BPRE's strategic investors benefit
from direct investment in long term assets and stable cash flows.
American Capital Energy, Inc.
Capital Energy develops, finances, builds, and operates commercial and
utility-scale solar PV projects. ACE has developed and/or built over 100 MW of
solar PV projects across the US. We succeed by listening to our partners and
clients, offering flexible, innovative solutions tailored to their needs, and
driving the project to successful completion with well-honed risk management and
operational discipline. Please visitwww.AmericanCapitalEnergy.comfor more
information about American Capital Energy.