D. E. Shaw Renewable Investments LLC (DESRI) has acquired the Portal Ridge solar project from First Solar Inc.
Located in Lancaster, Calif., Portal Ridge is a 31 MW AC solar facility with 20-year power purchase agreements with Pacific Gas and Electric Co. 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.
Blattner Energy Inc. will build the facility pursuant to an engineering, procurement, and construction contract, and the project will feature First Solar’s thin-film solar modules.
CoBank, ACB and KeyBank National Association provided financing for the acquisition, construction and operation of the project, alongside a commitment for tax equity financing from an affiliate of U.S. Bancorp Community Development Corp.
“We are excited to partner with First Solar as we expand DESRI’s renewable energy footprint on the West Coast,” says Bryan Martin, managing director and head of U.S. private equity at the D. E. Shaw group. “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.”
“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,” says Georges Antoun, First Solar’s chief commercial officer.