D. E. Shaw Renewable Investments, L.L.C. (DESRI) has acquired the Portal Ridge solar project from First Solar, Inc.
Portal Ridge is a 31 MW-ac solar facility located in Lancaster, California, with 20-year power purchase agreements (PPAs) with Pacific Gas and Electric Company 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. pursuant to an engineering, procurement, and construction (EPC) contract, and will utilize First Solar’s thin film solar modules. The project is expected to produce more than 90,000 MWhs of clean energy per year for customers in Southern California.
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 Corporation.
Bryan Martin, managing director and head of U.S. Private Equity at the D. E. Shaw group said:
“We are excited to partner with First Solar as we expand DESRI’s renewable energy footprint on the West Coast. DESRI has a strong presence in California with multiple projects in construction and operation. We are delighted to add Portal Ridge as we work to provide clean and cost-efficient green energy to the state’s residents and businesses.”
Georges Antoun, First Solar’s Chief Commercial Officer, said:
“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. We bring to the relationship our industry-leading product technology and project development expertise, which offer great synergies with DESRI’s depth and experience as a leading investor in renewable energy assets.”