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D. E. Shaw renewable investments acquires Utah projects from First Solar

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Energy Global,

United States headquartered First Solar Inc. has announced that D. E. Shaw Renewable Investments (DESRI) is the acquirer of the 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 MW in capacity, nearly doubles DESRI's portfolio of First Solar-developed projects to over 360 MW.

Cove Mountain and Cove Mountain 2, both under construction with completion expected in the second and fourth quarters of 2020, have long-term Power Purchase Agreements (PPAs) with PacifiCorp on behalf of Facebook, providing Facebook's data centre operations with new solar resources. DESRI has previously acquired four First Solar-developed projects in California: the 100 MW Willow Springs Solar Project in Kern County; the 40 MW Cuyama Solar Project in Santa Barbara County; the 31 MW Portal Ridge Solar Project in Los Angeles County; and the 11 MW Rancho Seco Solar Project in Sacramento County.

"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-recognised names in technology" said Bryan Martin, Chief Executive Officer 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.

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