First Solar and D. E. Shaw Renewable Investments (DESRI) today announced the acquisition by a DESRI affiliate of the 100-MW Willow Springs Solar Project in Kern County, California. Terms of the deal were not disclosed.
The project, which was developed by First Solar, is currently under construction, with completion estimated at the end of 2018. The project will supply power to Southern California Edison Company through a long-term Renewable Power Purchase and Sale Agreement.
“DESRI is thrilled to close on the acquisition of Willow Springs from First Solar,” said Bryan Martin, CEO of DESRI. “This project is a testament to the strong partnership that our firms have built over many years. We are looking forward to using First Solar’s leading Series 6 module technology to deliver clean energy to the Kern County community for years to come.”
“We are grateful for the opportunity to build on our strong relationship with DESRI as they grow their solar portfolio,” said Georges Antoun, First Solar’s chief commercial officer. “We are also pleased to play a part in helping enable Southern California Edison deliver clean, renewable energy to their customers.”
Antoun also noted the importance of the positive business environment provided by Kern County as a factor in realizing the benefits of solar as a fundamental power generation source of the future.
When in operation, the power plant is expected to annually provide enough clean, affordable sustainable electricity to power about 41,000 typical California homes and displace more than 77,000 metric tons of CO2 greenhouse gas emissions each year–the equivalent of taking almost 15,000 cars off the road.
Willow Springs is the fourth renewable energy project DESRI has acquired from First Solar. In 2017 a DESRI affiliate acquired the 40-MW Cuyama Solar Project in Santa Barbara County; in 2016 DESRI affiliates acquired the 31-MW Portal Ridge Solar Project in Los Angeles County and the 11-MW Rancho Seco Solar Project in Sacramento County.
News item from D. E. Shaw Renewable Investments