D. E. Shaw Renewable Investments (DESRI) announced it has acquired First Solar’s Cove Mountain and Cove Mountain 2 projects in Iron County, Utah. The acquisition of the two projects, the sales of which were previously disclosed by First Solar and which total 180 MWAC in capacity, nearly doubles DESRI’s portfolio of First Solar-developed projects to over 360 MWAC.
Cove Mountain and Cove Mountain 2, both under construction with completion expected in the second and fourth quarters of 2020, have long-term PPAs with PacifiCorp on behalf of Facebook, providing Facebook’s data center operations with new solar resources. DESRI has previously acquired four First Solar-developed projects in California.
“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-recognized names in technology,” said Bryan Martin, CEO of DESRI. “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.”
Once commissioned, both projects will be operated by First Solar Energy Services.
“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,” said Georges Antoun, chief commercial officer of First Solar. “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 projects will be powered by First Solar’s Series 6 module technology.
News item from First Solar