February 11, 2010 (FinancialWire) — NV Energy (NYSE: NVE) said that it has signed a 20-year power purchase agreement with a subsidiary of Ram Power Corp. (TSX: RPG) for energy that will be produced by a new geothermal power plant under development in central Nevada.

The power plant, the 32-megawatt Clayton Valley Geothermal Project, is scheduled to be generating electricity by 2014.

Terms of the power purchase agreement, which is subject to approval by the Public Utilities Commission of Nevada, were not disclosed.

The generating plant is being developed on one of five geothermal leases that Ram Power has acquired from the Bureau of Land Management in Esmeralda County, which sits around halfway between Reno and Las Vegas.

According to the developer, Clayton Valley has sufficient geothermal resources to produce up to 160 megawatts of electricity, which is enough to serve up to 96,000 households. The project will be developed and operated by Ram Power subsidiary Clayton Valley 1, LLC.

Nevada-based NV Energy is a holding company with principal subsidiaries, Nevada Power and Sierra Pacific Power, doing business as NV Energy. NV company’s serves a combined 54,500-square-mile service territory, and provide a range of energy services and products to around 2.4 million citizens of Nevada and nearly 40 million tourists annually.

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