Carson City, NV -
February 04, 2014Carson City, NV - Nevada's energy future just got brighter after the Governor's Office of Energy (GOE) approved a tax incentive for a solar energy generation project in Boulder City, Nevada.
Sempra U.S. Gas & Power's Copper Mountain Solar 3 received the incentive after undergoing a rigorous screening process that included meeting State and local statutes requiring the project provide employment of Nevadans, a major capital investment in the State; a living wage with comprehensive health benefits; and several opportunities for public comment.
"The Copper Mountain Solar 3 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," said Director Paul A. Thomsen. "Reduction in the use of coal, streamlined permitting, and enhanced incentives offered through the Governor's Office of Energy have proven to energy developers around the world that Nevada means business."
According to Sempra U.S. Gas & Power's Copper Mountain Solar 3 tax incentive application, the project is expected to create 300 construction jobs at peak build out, and 10 full-time jobs to manage the facility.
The tax incentive amount granted to Copper Mountain Solar 3 is $66 million over 20 years. The total amount Nevada stands to gain from the project during that time is $732 million, which includes a $657 million capital investment by the facility, and $75 million combined from property taxes, school support taxes and employee payroll. This represents an 11-to-1 return on Nevada's investment, far exceeding the loss of revenue from the tax incentive.
Once completed, the facility will be capable of generating 250 megawatts (MW) of electricity, enough to power about 80,000 homes. This power will be sold to the Los Angeles Department of Water and Power and the City of Burbank under a 20-year contract with the Southern California Public Power Authority. The facility will occupy 1,374 acres of public land in Clark County and will include photovoltaic panels and related right-of-way features like a substation and switchyard facilities.
"The ongoing expansion and success of our Copper Mountain Solar Complex in Boulder City has solidified Sempra U.S. Gas & Power and the State of Nevada as national leaders in solar energy generation," said Kevin Sagara, Vice President of Renewables for Sempra. "Much of this success can be attributed to the ongoing support we have received at the federal, state and local level."
The GOE decision to approve Sempra U.S. Gas & Power's Copper Mountain Solar 3 tax incentive request highlights the office's ability to facilitate cooperation among stakeholders, lead initiatives to stimulate economic development, and attract energy related business ventures that include site development, generation and production, and the transmission and transportation of energy.
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About the Governor's Office of Energy - The 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 the state's energy resources in harmony with local community economic needs and Nevada's natural resources. For more information about GOE, please visit www.energy.nv.gov/Home.
About Sempra U.S. Gas & Power - Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas solutions with power plants that generate enough electricity for more than 1 million homes and businesses. Sempra U.S. Gas & Power and its companies also develop and operate natural gas storage facilities, jointly own a major interstate gas pipeline, and own distribution utilities. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2012 revenues of approximately $10 billion. The Sempra Energy companies' nearly 17,000 employees serve more than 31 million consumers worldwide. For more information, visit www.SempraUSGP.com.