SolarReserve Receives Environmental Approval for 390 Megawatt Solar Thermal Facility with Storage in Chile

Likana Solar Energy Project in the Antofagasta region will provide
reliable, non-intermittent electricity from solar energy 24-hours a day

SANTIAGO, Chile–(BUSINESS WIRE)–#CSP—SolarReserve,
the industry leader in baseload solar power solutions and advanced solar
thermal technology with energy storage, has received an environmental
approval from the Chilean government to build a 390 megawatt solar
thermal power station with 5,100 megawatt-hours of energy storage. This
important milestone marks SolarReserve’s third approval of a solar
thermal project that will provide Chile with a non-intermittent, 24-hour
supply of energy – at a price competitive with fossil fuel based
generation.

Non-Intermittent, Baseload 24-Hour a Day Solar

Utilizing SolarReserve’s proprietary solar thermal energy
storage technology, the Likana
Solar Energy Project in the Antofagasta region of Chile, will be
comprised of three 130 megawatt (MW) solar thermal towers, each with 13
hours of full load energy storage. With 5.1 gigawatt-hours of total
energy storage capacity, the facility will deliver 390 megawatts of
continuous output, resulting in over 2,800 gigawatt-hours generated
annually. It will operate at a capacity factor and availability
percentage equal to that of a fossil fired power plant, while providing
a highly competitive price of power – and with zero emissions.

“The Chilean transmission system will have difficulty accommodating
large amounts of intermittent power. The Distribution Companies and
Mining Sector require a firm, secure, and stable supply of electricity
24 hours a day,” said Tom Georgis, SolarReserve’s Senior Vice President
of Development. “The Likana project will help lower electricity costs
for Chilean families and businesses, while safeguarding grid stability.”

Highly Competitive Price of Power with No Fuel Price Volatility

SolarReserve will be bidding energy and associated capacity, from Likana
and the company’s other Chilean projects, into the upcoming auction for
firm energy supply issued annually by Chile’s power distribution
companies.

“What’s happening in Chile is a preview of the future of solar thermal
with energy storage around the world. Even more remarkable than baseload
solar, SolarReserve set a new benchmark for solar thermal pricing by
bidding 6.4 cents per kilowatt-hour, without subsidies, in Chile’s last
auction for energy supply,” said Kevin Smith, SolarReserve’s Chief
Executive Officer. “We’ve proven that solar with thermal energy storage
can compete head-to-head with conventional energy on both functionality
and cost.”

This achievement will have far-reaching global impacts, as grids will be
able to cost-effectively incorporate solar energy that can:

• Deliver non-intermittent baseload power that is more easily integrated
  into existing grids, and
• Provide firm capacity to reliably meet demand during peak hours,
  generating when energy is most valuable, reducing cost and risk for
  electricity customers.

Minimal Environmental Impact

As part of SolarReserve’s project development and permitting process for
the Likana Solar Project, the company collaborates with stakeholders and
local communities to ensure minimal environmental impact. This process
includes careful site selection, low water use systems, and extensive
environmental studies prior to starting construction. The Likana Solar
Project underwent comprehensive environmental assessment under the
Chilean Impact Assessment System (Sistema de Evaluación de Impacto
Ambiental – SEIA) administered by the Environmental Evaluation Service
(SEA), and as a result was successfully awarded an environmental
qualification resolution (Resolución de Calificación Ambiental) (RCA),
which is the name for the Chilean environmental permit.

About SolarReserve

SolarReserve is a leading global developer, owner and operator of
utility-scale solar power projects, with more than $1.8 billion of
projects in operation worldwide, and development and long-term power
contracts for 480 megawatts of solar projects representing $2.9 billion
of project capital. The company has
commercialized its proprietary ThermaVault™ advanced solar thermal
technology with integrated molten salt energy storage that delivers
renewable baseload power 24-hours per day. The technology is now one of
the leading energy storage technologies worldwide, and allows solar
energy to operate like traditional fossil-fired and nuclear electricity
generation – except the fuel is the sun which means zero emissions, zero
hazardous waste, and zero dependence on fuel price volatility.

Since the company’s formation in early 2008, SolarReserve’s experienced
team has assembled a pipeline of over 13 gigawatts across the world’s
most attractive, high growth renewable energy markets, including more
than 1,400 megawatts of advanced projects in Chile. SolarReserve is
headquartered in the US, and maintains a global presence with seven
international offices to support widespread project development
activities across more than 20 countries.

Contacts

SolarReserve
Mary Grikas, +1.310.315.2274
[email protected]