40MW project adds to DESRI’s portfolio of PV assets
First Solar, Inc. (Nasdaq: FSLR) and D. E. Shaw Renewable
Investments, L.L.C. (DESRI) today 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.
For First Solar Investors
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Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: effects on our
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reduction roadmaps, restructuring, product reliability, investments
in unconsolidated affiliates and capital expenditures; our ability
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impact of public policies, such as tariffs or other trade remedies
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First Solar MediaSteve Krum+1
602-427-3359steve.krum@firstsolar.comorFirst Solar InvestorsStephen
Haymore+1 602-414-9315stephen.haymore@firstsolar.com
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