First Solar (Nasdaq: FSLR) and D. E. Shaw Renewable Investments LLC (DESRI) on Aug. 3 announced the acquisition by a DESRI affiliate of the 11-MW (ac) Rancho Seco Solar Project in Sacramento County, California, from First Solar.
Terms of the deal were not disclosed. Rancho Seco is situated on 60 acres of property owned by the Sacramento Municipal Utility District (SMUD), which holds a 20-year Power Purchase Agreement (PPA) for energy from the plant. Rancho Seco utilizes First Solar’s advanced thin film modules mounted on single-axis tracking tables. The project is expected to produce more than 23,000 MWh of clean energy per year.
Power from Rancho Seco is expected to provide energy for SMUD’s commercial SolarShares program. Through the program, the Golden 1 Center, currently under construction for the Sacramento Kings, will obtain approximately 85% of its power from Rancho Seco, making it one of the greenest sports arenas in the world.
“We are pleased to buy another First Solar project and incorporate their leading edge equipment into our operating fleet,” said Bryan Martin, CEO of DESRI. “First Solar brings a tremendous depth of technological expertise and we look forward to partnering with them on more opportunities in the future.”
“We are pleased to build on our relationship with DESRI through this sale,” said Brian Kunz, First Solar’s Vice President of Project Development. “DESRI’s commitment to renewable solar energy represents a tremendous opportunity for a continued strategic partnership.”
Earlier this year, an affiliate of DESRI acquired from First Solar the 31-MW (ac) Portal Ridge solar project, currently in construction in Lancaster, California.
The Rancho Seco property is the site of the decommissioned Rancho Seco Nuclear Generation Station.
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 25 wind and solar projects that represent more than 1,200 MW of aggregate capacity.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology.