First Solar Inc of Tempe, AZ, USA – which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – says that an affiliate of D. E. Shaw Renewable Investments LLC (DESRI) – which acquires, owns and manages long-term contracted renewable energy assets in North America – has acquired the 40MWAC Cuyama Solar Project in Santa Barbara County, California.
Developed by First Solar, the project is currently under construction, with completion anticipated by the end of 2017. Power from the project is expected to be supplied to Pacific Gas & Electric (PG&E) under a 25-year power purchase agreement (PPA) starting in January 2019. Community Choice Aggregator Peninsula Clean Energy has a one-year ‘bridge’ PPA for power delivered from the plant in 2018.
When in operation, the power plant – which is the first utility-scale solar installation in Santa Barbara County – is expected to annually provide enough electricity to power about 16,000 typical California homes and displace more than 30,000 metric tons of CO2 greenhouse gas emissions each year (equivalent to taking almost 6000 cars off the road).
Cuyama is the third renewable energy project that DESRI has acquired from First Solar. In 2016, DESRI affiliates acquired the 31MWAC Portal Ridge Solar Project in Los Angeles County and the 11MWAC Rancho Seco Solar Project in Sacramento County.
“We are delighted to work with First Solar on another California solar project,” says DESRI’s CEO Bryan Martin. “Their technology and integrated power plant solutions will help us provide a cost-effective energy solution for the residents and businesses of Santa Barbara,” he adds.
“DESRI’s clear commitment to building their portfolio with affordable, clean energy is a strong match with First Solar technology,” comments First Solar’s chief commercial officer Georges Antoun.