San Antonio-based developer OCI Solar Power LLC has sold a 66 MW Texas solar project to D. E. Shaw Renewable Investments (DESRI).
Currently under construction in Dawson County, the Project Ivory facility has a power purchase agreement with the City of San Antonio, acting through its city public service board (CPS Energy).
Marathon Capital served as OCI Solar Power’s exclusive sell-side financial advisor, providing valuation, due diligence, negotiation and transaction execution support throughout a four-month, two-phase sale process.
“We are especially proud of developing and constructing Project Ivory for the city and CPS Energy. Thousands of families will soon receive even more affordable power,” says Charles Kim, president and CEO of OCI Solar Power. “San Antonio now has the most solar generation capacity in Texas, and working with Marathon Capital to secure the sale of Ivory to DESRI helps to ensure that the project will continue to benefit our community.”
OCI Solar Power funded the project’s construction entirely on its balance sheet prior to the sale to DESRI. The project is expected to reach commercial operations in November.