D.E. Shaw Renewable Investments buys 11-MW solar plant from First Solar
Written By: Stratton Report
August 3, 2016
On August 3, First Solar, Inc. announced the sale of the 11-MWAC Rancho Seco Solar Project to D. E. Shaw Renewable Investments, L.L.C.
Terms of the deal were not disclosed.
Rancho Seco is sited on property owned by the Sacramento Municipal Utility District which holds a 20-year PPA for energy from the plant.
Power from Rancho Seco is expected to provide energy via SMUD’s commercial SolarShares program to the Golden 1 Center, currently under construction for the Sacramento Kings, which will obtain approximately 85 percent of its power from Rancho Seco.
Bryan Martin, CEO of DESRI noted:
“We are pleased to buy another First Solar project and incorporate their leading edge equipment into our operating fleet. First Solar brings a tremendous depth of technological expertise and we look forward to partnering with them on more opportunities in the future.”
Brian Kunz, First Solar’s Vice President of Project Development. Remarked: “We are pleased to build on our relationship with DESRI through this sale. DESRI’s commitment to renewable solar energy represents a tremendous opportunity for a continued strategic partnership.”
Earlier this year, an affiliate of DESRI acquired the 31MWAC Portal Ridge solar project from First Solar; that project is currently in construction in Lancaster, California.