DESRI acquires solar projects from First Solar in US

24 October 2019 (Last Updated October 24th, 2019 12:23)

D. E. Shaw Renewable Investments (DESRI) has acquired two solar power farms from US-based photovoltaic (PV) modules manufacturer First Solar.

DESRI acquires solar projects from First Solar in US
Cove Mountain and Cove Mountain 2 projects will be powered by First Soar’s Series 6 module technology. Credit: First Solar, Inc.

D.E. Shaw Renewable Investments (DESRI) has acquired two solar power farms from US-based photovoltaic (PV) modules manufacturer First Solar.

Located in Iron County, Utah, the Cove Mountain and Cove Mountain 2 projects have a combined capacity of 180MW and will be powered by First Solar’s Series 6 module technology.

The latest deal is expected to double DESRI’s portfolio of First Solar-developed projects to more than 360MW.

DESRI acquired First Solar’s 100MW Willow Springs Solar Project in Kern County, the 40MW Cuyama Solar Project in Santa Barbara County, the 31MW Portal Ridge Solar Project in Los Angeles County and 11MW Rancho Seco Solar Project in Sacramento County.

DESRI CEO Bryan Martin said: “Cove Mountain 1 and 2 are powered by one of the most financeable and reliable photovoltaic technologies available today, and are underpinned by long-term PPAs to support the renewable energy and carbon reduction goals of one of the best-recognised names in technology.

“While these projects further solidify the longstanding partnership between our companies, they also demonstrate the value that First Solar is able to deliver by developing and operating world-class solar assets.”

Currently, both projects are under construction and are expected to commence their operations in the second and fourth quarters of 2020. Once operational, they will be operated by First Solar Energy Services.

First Solar chief commercial officer Georges Antoun said: “DESRI’s decisions to invest in assets are always backed by rigorous research and analysis, and their acquisition of our projects validates the robustness of First Solar’s approach to project development.

“We are proud of the fact that DESRI continues to trust First Solar, the bankability of the projects we develop and operate, and our ability to deliver on our commitments.”

Both Cove Mountain and Cove Mountain 2 have long-term power purchase agreements (PPAs) in place with PacifiCorp on behalf of Facebook and will supply clean energy to power the latter’s data centre operations.