The two solar projects have long-term power purchase agreements (PPAs) with PacifiCorp on behalf of Facebook
Image: Cove Mountain and Cove Mountain 2 projects will be powered First Solar’s Series 6 module technology. Photo courtesy of First Solar, Inc.
D.E. Shaw Renewable Investments (DESRI) has acquired two solar power farms, with a combined capacity of 180MW, from First Solar.
The projects include the Cove Mountain and Cove Mountain 2 projects in Iron County, Utah.
The acquisition nearly doubles DESRI’s portfolio of First Solar-developed projects to more than 360MW.
Construction on Cove Mountain and Cove Mountain 2 projects is underway, completion expected in the second and fourth quarters of 2020.
The two solar projects have long-term power purchase agreements (PPAs) with PacifiCorp on behalf of Facebook.
The PPAs are expected to offer Facebook’s data center operations with new solar resources.
DESRI chief executive officer Bryan Martin said: “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.
“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.”
Upon commissioning, the two solar projects will be operated by First Solar Energy Services, which has over 10GW under management.
Cove Mountain and Cove Mountain 2 projects will be powered First Solar’s Series 6 module technology.
DESRI previously acquired four First Solar-developed projects
In addition to Cove Mountain and Cove Mountain 2 projects, DESRI previously four First Solar-developed projects in California, with a combined capacity of 182MW.
The projects include the 100MW Willow Springs solar project in Kern County; the 40MW Cuyama solar project in Santa Barbara County; the 31MW Portal Ridge solar project in Los Angeles County; and the 11MW Rancho Seco solar project in Sacramento County.
First Solar chief commercial officer Georges Antoun said: “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.
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.”