First Solar, Inc. (Nasdaq: FSLR) and D. E. Shaw Renewable Investments, L.L.C. (DESRI) announced the acquisition by a DESRI affiliate of the 40 Megawatt (MW)ac Cuyama Solar Project in Santa Barbara County, California. Terms of the deal were not disclosed.
The project, which was developed by First Solar, is currently under construction, with completion anticipated by the end of 2017. Power from the project is expected to be supplied to Pacific Gas & Electric (PG&E) under a 25-year power purchase agreement (PPA) starting in January 2019. Community Choice Aggregator Peninsula Clean Energy has a one-year "bridge" PPA for power delivered from the plant in 2018.
"We are delighted to work with First Solar on another California solar project," said Bryan Martin, CEO of DESRI. "Their technology and integrated power plant solutions will help us provide a cost-effective energy solution for the residents and businesses of Santa Barbara."
"We are pleased to build on this exciting relationship," said Georges Antoun, First Solar's Chief Commercial Officer. "DESRI's clear commitment to building their portfolio with affordable, clean energy is a strong match with First Solar technology."
When in operation, the power plant - which is the first utility-scale solar installation in Santa Barbara County - is expected to annually provide enough clean, affordable sustainable electricity to power about 16,000 typical California homes and displace more than 30,000 metric tons of CO2 greenhouse gas emissions each year - the equivalent of taking almost 6,000 cars off the road.
Cuyama is the third renewable energy project DESRI has acquired from First Solar. In 2016, DESRI affiliates acquired the 31MWac Portal Ridge Solar Project in Los Angeles County and the 11MWac Rancho Seco Solar Project in Sacramento County.
About D. E. Shaw Renewable Investments
D. E. Shaw Renewable Investments, L.L.C. (DESRI) and its affiliates acquire, own, and manage long-term contracted renewable energy assets in North America. DESRI's portfolio of renewable energy projects currently includes 27 wind and solar projects that represent more than 1,300 MW of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $42 billion in investment capital as of April 1, 2017, and offices in North America, Europe, and Asia. Please visit www.deshaw.com for more information about the D. E. Shaw group.
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About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
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