SolarReserve Nevada solar power plant approved

NEW YORK (Reuters) - The U.S. Department of Interior has approved solar power developer SolarReserve's proposed 110-megawatt Crescent Dunes solar thermal power plant capable of storing energy in Nevada.

SolarReserve plans to start construction in the middle of 2011, the Santa Monica, California company said in a statement.

It will take about 30 months to build the project at an estimated cost of $650 million to $750 million, with commercial operation in early 2013, a company spokesman said on Tuesday.

This is one of many solar projects on which SolarReserve is working.

Last week, California approved the company's proposed 150-MW Rice solar project and Arizona advanced the permitting for the 150-MW Crossroads solar project. The company has said Crossroads would cost an estimated $650 million.

The company expects Crescent Dunes to create about 450 direct jobs and more than 4,000 indirect and induced jobs during construction, as well as 50 permanent operations and maintenance jobs once the facility is operating.

SolarReserve estimated the project would have an operating budget of more than $5 million and generate about $40 million in sales and property tax revenues over its operating life.

The company uses solar power and molten salt storage technology developed by Pratt & Whitney Rocketdyne, a subsidiary of United Technologies Corp.

SolarReserve said the facility would be able to store enough energy to provide electricity for up to eight hours after sunset.

Last December, SolarReserve signed a 25-year power purchase agreement with NV Energy for the sale of electricity from the project, which can power about 75,000 Nevada homes.

(Reporting by Scott DiSavino; Editing by Dale Hudson)