NV Energy Purchase of Bighorn Generating Facility Completed

NV Energy announced the completion of the acquisition of the 598-megawatt Bighorn Generating Facility from a subsidiary of Reliant Energy, Inc. The purchase by Nevada Power Company, d/b/a NV Energy, amounted to approximately $510 million, including inventory and other closing costs and adjustments.

NV Energy, a wholly owned subsidiary of Sierra Pacific Resources (NYSE:SRP), had announced plans to acquire the Bighorn plant, located 35 miles south of Las Vegas, in April.

Michael Yackira, president and CEO of NV Energy and Sierra Pacific Resources, said, “The addition of Bighorn to our company’s generation capability is another major step in our goal of achieving energy independence for Nevada, thereby lessening our state’s reliance on outside, volatile energy markets. This helps assure reliability as well as cost benefits to our customers.”

The purchase was funded by a combination of cash on hand and borrowings under a revolving credit facility.

Headquartered in Nevada, Sierra Pacific Resources is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.