SolarReserve Gets Arizona Project Approval

Santa Monica-based SolarReserve, the developer of utility scale solar power projects, said today that it has received permit approvals from the Arizona Corporation Commission, for the firm's 150 megawatt Crossroads Solar Energy Project. The firm said the final approval includes a transmission line to connect the project to Arizona Public Service's transmission grid. SolarReserve said the project will supply approximately 450,000 megawatt hours of green energy to Arizona. The firm is using technology developed by Pratt & Whitney Rocketdyne, which uses molten salt to store solar energy. The firm said it has more than 3,000 megawatts of solar power projects in its portfolio, with about 1,100 MW of that in the United States. SolarReserve is backed by Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies, US Renewables Group, PCG Clean Energy & Technology Fund, Nimes Capital, and Credit Suisse.