First Solar sells 40 megawatt Cuyama Solar Project to DESRI
San Luis Obispo-based First Solar announced the sale of its 40 megawatt Cuyama Solar Project to D. E. Shaw Renewable Investments, or DESRI, for an undisclosed amount.
Construction of the project began on July 25 and is expected to be finished by the end of the year. This is the third deal between DESRI and First Solar for a renewable energy site, including one in Los Angeles County and another in Sacramento County.
“We are delighted to work with First Solar on another California solar project,” Bryan Martin, CEO of DESRI, said in a news release. “Their technology and integrated power plant solutions will help us provide a cost-effective energy solution for the residents and businesses of Santa Barbara.”
Peninsula Clean Energy in San Mateo County will purchase power from the facility throughout 2018, until January of 2019, when deliveries will begin on a 25-year power purchase agreement with Pacific Gas & Electric.
“We are pleased to build on this exciting relationship,” said Georges Antoun, First Solar’s chief commercial officer. “DESRI’s clear commitment to building their portfolio with affordable, clean energy is a strong match with First Solar technology.”
Construction is expected to provide 200 jobs and the facility will generate enough electricity to power 16,000 homes on average when it is fully operational — displacing 30,000 metric tons of carbon dioxide each year.
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