SolarReserve Can’t Dissolve Nevada Energy Venture It Founded

SolarReserve CSP Holdings LLC failed to convince a Delaware judge Wednesday to dissolve Tonopah Solar Energy LLC, a Nevada power project it founded and lost control of after defaulting on loans guaranteed by the federal government.

The Chancery Court suit sought equitable dissolution of the venture, which built the billion-dollar Crescent Dunes solar power plant in the desert between Las Vegas and Reno.

The plant was obsolete before it ever got running, partly thanks to delays by a nonparty construction firm to which SolarReserve sold a 50% stake. Those delays gave an out last year to Tonopah’s only customer, ...