First Solar Sells California Solar Project to DESRI

Rancho Seco solar project

D.E. Shaw Renewable Investments LLC (DESRI) bought an 11 MW solar energy project in California from First Solar (Nasdaq: FSLR). Terms of the deal were not disclosed.

The Rancho Seco Solar Project is sited on property owned by the Sacramento Municipal Utility District (SMUD), which holds a 20-year power purchase agreement for output from the plant. Rancho Seco uses First Solar’s advanced thin film modules mounted on single-axis tracking tables.

Rancho Seco is expected to provide energy for SMUD’s commercial SolarShares program. Through the program, the Golden 1 Center, the future home of the Sacramento Kings, will obtain approximately 85 percent of its power from Rancho Seco. An affiliate of DESRI acquired from First Solar the 31-MW Portal Ridge solar project currently under construction.

“We are pleased to build on our relationship with DESRI through this sale,” said Brian Kunz, First Solar’s Vice President of Project Development. “DESRI’s commitment to renewable solar energy represents a tremendous opportunity for a continued strategic partnership.”

The Rancho Seco solar plant is located on the site of the decommissioned Rancho Seco Nuclear Generation Station.

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