D. E. Shaw Renewable Investments Acquires Rancho Seco Solar Project from First Solar
August 03 2016 - 9:08AM
Business Wire
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 11 Megawatt (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 percent 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 31MWAC 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.
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 25 wind and solar projects that
represent more than 1,200 MW of aggregate capacity. DESRI is a
member of the D. E. Shaw group, a global investment and technology
development firm with more than $38 billion in investment capital
as of July 1, 2016, and offices in North America, Europe, and Asia.
Please visit www.deshaw.com for more information about the D. E.
Shaw group.
This press release is provided for the reader’s information only
and does not constitute investment advice or convey an offer to
sell, or the solicitation of an offer to buy, any securities or
other financial products.
Please also note that this press release has not been updated
since its dateline for any information contained in it that may
have changed, including any beliefs and/or opinions. In addition,
no assurances can be given that any aims, assumptions,
expectations, and/or goals described in this release will be
realized or that the activities or any performance described herein
did or will continue at all or in the same manner as at the time of
the press release.
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
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: effects on our
financial statements and guidance resulting from certain tax
matters; our business strategy, including anticipated trends and
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markets in which we operate; future financial results, operating
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recycling costs), warranties, solar module efficiency and balance
of systems cost reduction roadmaps, restructuring, product
reliability, investments in unconsolidated affiliates and capital
expenditures; our ability to continue to reduce the cost per watt
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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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