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Step No 1:- First of all, download Android 5.0.2 based CM12 Nightly ROM (cm-12-20150221-NIGHTLY-tsubasa.zip) and Google Apps .zip files on the PC for your Xperia V.

Step No 2:- Connect your device to the PC using its USB data cable and mount its USB memory storage.

Step No 3:- Copy the Android 5.0.2 ROM .zip file which you’ve already downloaded from the above link, to the root folder of your SD card on the phone.

Step No 4:- Disconnect the Xperia V from the PC and power it OFF in order to boot into Recovery Mode.

Step No 5:- Power ON the device while pressing and holding Volume UP + Power keys altogether to enter into Recovery Mode.

Step No 6:- While your device is now in CWM Recovery, perform wipe data/factory reset, wipe cache partition and wipe dalvik cache also by navigating to Advanced > wipe dalvik cache.

Note:- wipe dalvik cache will help you to prevent boot loops and other errors while ROM installation.

Step No 7:- Go back to the main Recovery Menu and choose install zip from SD card → choose zip from sdcard.

Step No 8:- Navigate to the Android 5.0.2 ROM .zip file which you’ve already transferred to the SD card of your devicepreviously. Select the ROM .zip file using the Power button and confirm the installation to begin.

Step No 9:- Navigate to +++++Go Back+++++ once the installation is completed. From Recovery Menu, reboot your device by selecting reboot system now.

Your Sony Xperia V will be rebooted and may take about 4 to 5 minutes to boot.

That’s All! You’ve successfully updatedSony Xperia V to Android 5.0.2 CM12 Nightly Lollipop custom ROM.

Let us know in the comments section below if you have any query or problem regarding the above tutorial to installAndroid 5.0.2 based CyanogenMod 12 Nightly Lollipop custom firmware on your Xperia V.