SolarReserve Opens Office in Dubai, Establishing Hub in the MENA Region

-- SolarReserve opens an office in Dubai, meeting the needs of an expanding customer base as it develops solar projects in MENA.

SANTA MONICA, California, Jan. 26, 2014 /PRNewswire/ --  SolarReserve, a leading global developer of large-scale solar power projects and advanced solar thermal storage technology, today announced its expansion into the Middle East with the opening of a new office in Dubai, United Arab Emirates (UAE), which will serve as a hub for development activities in the region.

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Continuing its ongoing efforts to provide reliable, cost-effective, clean energy solutions worldwide, SolarReserve is pursuing both large-scale concentrating solar power (CSP) with thermal energy storage and photovoltaic (PV) projects that make optimal use of the region's abundant solar energy resources. As SolarReserve develops projects in the region, the company will continue to open country-specific offices to meet the needs of an expanding customer base, support project construction and operation, as well as to support local economies and employment.

For oil-exporting countries, the move to solar energy is directly correlated with rising fossil fuel prices. With the goal of maximizing the economic gain from their remaining oil reserves, many oil-rich nations are moving away from domestic oil and gas consumption so that they can export this finite resource for the highest return. Through heavy investment in solar development, these countries are moving boldly towards sustainable energy independence—ensuring that their growing populations will have an additional zero emission form of energy to meet their needs while creating a substantial industry and associated jobs and knowledge base within the region.

"In recent years, solar power generation has seen increasing growth in the MENA region. SolarReserve is committed to furthering support of its strong partnerships in MENA through the establishment of a regional hub that begins with an on-the-ground presence in Dubai," said SolarReserve's CEO Kevin Smith. "SolarReserve's world-leading solar thermal technology with integrated molten salt storage offers a cost-effective, reliable and most importantly, a baseload supply of electricity that is a game-changer for the region. Not only do we offer technology that can generate power on-demand, day and night, but our plants are dry-cooled which is critically important in a region with scarce water resources."

Philip Hale, Director of Development, will be based in the Dubai office and will lead SolarReserve's development activities for the MENA region. Hale joined SolarReserve in 2008, with over twenty years of experience in the energy, construction and real estate sectors. Before joining SolarReserve, Hale worked with Invenergy Wind, one of the largest privately owned renewable energy business in the world, focusing on international business development activities.

"We are continuing with our growth plan by establishing a new regional office in Dubai to service this rapidly expanding regional market," said Alistair Jessop, Senior Vice President of Development. "Phil's successful track record in developing renewable energy projects, coupled with his deep industry and market knowledge, will help SolarReserve bring reliable 24/7 renewable energy solutions to a high potential market in MENA that is worth trillions of dollars."

SolarReserve's industry-leading CSP technology features an integrated molten salt energy storage system that enables firm, reliable electricity to be generated on-demand and delivered to meet the client's power needs. This energy storage capability provides a stable electricity product similar to that of conventional fossil fuel-burning power facilities, but without the associated harmful emissions and price volatility. SolarReserve's CSP technology either alone or coupled with PV, can provide a cost effective and reliable alternative to fossil fuel generation with the reduction in emissions to near zero.

About SolarReserve

SolarReserve, LLC – headquartered in Santa Monica, California – is a leading developer of large-scale solar energy projects and technology with activities worldwide and more than $1.8 billion of projects in construction. SolarReserve has commercialized the world's leading solar thermal energy storage technology utilizing molten salt in a power tower configuration. SolarReserve's solar energy storage technology has the capability to deliver clean, reliable electricity "on demand" at any time, day and night. SolarReserve's experienced team of power project professionals has assembled an extensive 5,000 MW worldwide development portfolio of large-scale solar projects, including some featuring advanced solar thermal technology (CSP) and others utilizing photovoltaic (PV) technology.

SolarReserve's 110 MW Crescent Dunes Solar Energy Plant located near Tonopah, Nevada is the first utility-scale facility in the world to feature advanced molten salt power tower energy storage capabilities. The project is currently under construction with more than 700 workers on site and will be entering the commissioning phase. First generation of electricity is scheduled for mid-2014.

Additionally, SolarReserve currently has three photovoltaic projects, totaling 246 MW of generation capacity, in construction in South Africa. The Letsatsi and Lesedi power projects, each 75 MW in size, broke ground in February 2013 and are well underway in construction. The projects were selected as the "African Renewable Energy Deal of the Year" by Project Finance Magazine in 2012.  The 96 MW Jasper power project recently closed financing and commenced construction shortly thereafter. The three projects have a combined capital cost of more than $820 million and are all slated for completion in 2014.

In addition to its headquarters in the US, SolarReserve has offices in Spain, Chile, South Africa, Turkey, Australia, the UK and Dubai, with activities underway in the Middle East, Africa, Australia, China, and Latin America.

U.S. Media Contact: Mary Grikas, SolarReserve, +1.310.315.2274, Mary.Grikas@SolarReserve.com
For more information: www.SolarReserve.com