Study Finds $2.5 Billion Positive Impact of Sempra Renewables Solar Complex On Nevada Economy
Apr 12, 2017
SAN DIEGO, April 12, 2017 – Sempra Renewables, a subsidiary of Sempra Energy, today announced that a study conducted by the University of Nevada, Reno’s Center for Regional Studies and the University Center for Economic Development, College of Business and Ekay Economic Consultants, has determined the company’s Copper Mountain Solar complex outside Boulder City, Nev., will produce more than $2.5 billion in economic benefit to the region’s economy over a 26-year period.
Comprised of four solar installations, the Copper Mountain Solar complex is one of the nation’s largest photovoltaic (PV) facilities generating more than 550 megawatts (MW) of renewable energy, making Nevada a national leader in solar generation.
“Nevada has been a wonderful partner for us in developing clean energy for the west,” said Kevin C. Sagara, president of Sempra Renewables. “This study validates the long-term economic benefits and additional new sources of revenue our project will deliver to the state and local governments.”
The study estimated the impact on the Nevada economy in terms of growth in business revenues and employment, as well as public sector revenues received by all entities impacted by the project.
According to the study, the Nevada economy received a one-time impact of $2 billion associated with the construction of the complex and will benefit from approximately $22.8 million per year positive impact for the life of the project’s operations.
In terms of public sector revenues, Boulder City, home of the Copper Mountain Complex, will receive an estimated $201.6 million in net revenues during the 26-year project period.
Clark County will receive an estimated $34.6 million in revenues from initial construction through operations over a 26-year period. Approximately $106.3 million in revenues will spread across various public government branches in Nevada.
“Sempra Renewables has shown great leadership in developing the Copper Mountain Solar complex and helped make Nevada a national leader in solar generation,” said Nev. Gov. Brian Sandoval. “Sempra’s success is a prime example of merging Nevada’s unlimited renewable energy resources with successful operations and exportation of clean energy. Nevada is proud to celebrate in the achievements of a thriving company that continues to provide significant economic benefits to local and state government.”
Sempra Renewables began developing the Copper Mountain Solar complex in 2008, completing the fourth phase of the project in 2016. During construction, an estimated 800 high-paying jobs were created. Today, 16 full-time employees work at the complex.
The study also confirmed that operations only minimally impact three critical aspects of Nevada’s geography and climate: power, water and air quality.
“When you see successful leadership, good policy and economic development with little or no additional costs to the state or local governments, renewable energy projects such as Copper Mountain Solar make great economic, fiscal, social and political sense for Nevada,” said Richard Bartholet, research assistant of the University Center for Economic Development. “The impacts outlined in this study demonstrate that renewable energy is a viable industry for the state of Nevada.”
Sempra Renewables is a leading U.S. developer of renewable energy. Together with its partners, the company owns and operates nearly 2,400 megawatts of renewable capacity.
Sempra Renewables is a subsidiary of Sempra Energy (NYSE:SRE), a Fortune 500 energy services holding company based in San Diego with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
For further information: Paty Ortega Mitchell, Sempra Renewables, email@example.com