Nevo Energy secured site control, Environmental Impact Report and Conditional Use permits and some of the transmission interconnect for the planned 399 MW Panoche Valley solar farm before selling the project to PV2 Energy, LLC. Nevo Energy's shareholders retain a residual interest in the project.
The Panoche Valley project will take advantage of the advancements in photovoltaic technology to provide a solution to the growing demand for clean energy mandated by the State of California to meet the Renewable Portfolio Standards (RPS) for renewable energy.
The Panoche Valley project is located in an attractive, high solar energy area of Central California and is in close proximity to high-capacity PG&E power lines.
The State of California has increased its Renewable Portfolio Standards (RPS), the allotment of energy required to be produced from renewable sources, from 20% to 33% by 2020. The dramatic increase in allotment of renewable energy sources has created demand for projects that are scalable to meet significantly higher mandated demand. To speed up the process, the previous California, Governor Schwarzenegger, signed an Executive Order to create a Renewable Energy Action Team (REAT) to reduce the time of project permitting.