D. E. Shaw Renewable Investments LLC (DESRI) on June 16 announced the acquisition of the Portal Ridge solar project from First Solar.
Portal Ridge is a 31-MW (ac) solar facility located in Lancaster, California, with 20-year power purchase agreements with Pacific Gas and Electric and Southern California Edison. The project, which was developed by First Solar, was acquired by an affiliate of DESRI in partnership with Bright Plain Renewable Energy.
The facility will be built by Blattner Energy Inc. under an engineering, procurement, and construction (EPC) contract, and will utilize First Solar’s advanced thin film solar modules. The project is expected to produce more than 90,000 MWhs of clean energy per year.
Financing for the acquisition, construction, and operation of the project was provided by CoBank, ACB, and KeyBank National Association, alongside a commitment for tax equity financing from an affiliate of U.S. Bancorp Community Development Corp.
“We are excited to partner with First Solar as we expand DESRI’s renewable energy footprint on the West Coast,” said Bryan Martin, managing director and head of U.S. Private Equity at the D. E. Shaw group. “DESRI has a strong presence in California with multiple projects in construction and operation.”
“We’re very pleased to have completed our first transaction with DESRI at Portal Ridge, and we look forward to partnering together in the future on a variety of fronts,” said Georges Antoun, First Solar’s Chief Commercial Officer.
D. E. Shaw Renewable Investments 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 23 wind and solar projects that represent more than 1,100 MW of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $37 billion in investment capital as of March 1, 2016, and offices in North America, Europe, and Asia.
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.