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SolarReserve plans project on General Moly-owned land in Nevada

Author: loosingmind. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

Aug 2 (Renewables Now) - SolarReserve LLC has signed an option agreement that could enable the development of a solar photovoltaic (PV) project at a site in Nevada owned by molybdenum miner General Moly Inc (NYSEMKT:GMO), the latter announced.

The deal includes a three-year option to lease at least 500 acres (202.3 ha) and easements related to vacant land owned by General Moly’s Liberty Project near Tonopah. Should this option be realised, the companies will also ink a 30-year lease deal for up to 700 acres of land. At the end of the term, it could be extended by an additional five years.

“If the option is exercised, we look forward to offsetting a portion of the Liberty Project's ongoing care and maintenance expenses with lease revenue for land that would not be utilized in our proposed mine plans,” said Bruce Hansen, chief executive officer of General Moly. The CEO added that the company may consider using the planned solar park as a future power source for the proposed Liberty mine.

The statement did not provide details about SolarReserve’s planned solar project. The company is the owner of the 110-MW Crescent Dunes concentrating solar power (CSP) plant, also located in Nevada.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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