TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) and D. E. Shaw Renewable Investments,
L.L.C. (DESRI) today announced the acquisition by a DESRI affiliate of
the 11 Megawatt (MW)ACRancho Seco Solar Project in
Sacramento County, California, from First Solar. Terms of the deal were
not disclosed.
Rancho Seco is situated on 60 acres of property owned by the Sacramento
Municipal Utility District (SMUD), which holds a 20-year Power Purchase
Agreement (PPA) for energy from the plant. Rancho Seco utilizes First
Solar's advanced thin film modules mounted on single-axis tracking
tables. The project is expected to produce more than 23,000 MWh of clean
energy per year.
Power from Rancho Seco is expected to provide energy for SMUD's
commercial SolarShares program. Through the program, the Golden 1
Center, currently under construction for the Sacramento Kings, will
obtain approximately 85 percent of its power from Rancho Seco, making it
one of the greenest sports arenas in the world.
"We are pleased to buy another First Solar project and incorporate their
leading edge equipment into our operating fleet," said Bryan Martin, CEO
of DESRI. "First Solar brings a tremendous depth of technological
expertise and we look forward to partnering with them on more
opportunities in the future."
"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." Earlier
this year, an affiliate of DESRI acquired from First Solar the 31MWACPortal Ridge solar project, currently in construction in Lancaster,
California.
The Rancho Seco property is the site of the decommissioned Rancho Seco
Nuclear Generation Station.
About D. E. Shaw Renewable Investments
D. E. Shaw Renewable Investments, L.L.C. (DESRI) and its affiliates
acquire, own, and manage long-term contracted renewable energy assets in
North America. DESRI's portfolio of renewable energy projects currently
includes 25 wind and solar projects that represent more than 1,200 MW of
aggregate capacity. DESRI is a member of the D. E. Shaw group, a global
investment and technology development firm with more than $38 billion in
investment capital as of July 1, 2016, and offices in North America,
Europe, and Asia. Please visit www.deshaw.com
for more information about the D. E. Shaw group.
This press release is provided for the reader's information only and
does not constitute investment advice or convey an offer to sell, or the
solicitation of an offer to buy, any securities or other financial
products.
Please also note that this press release has not been updated since
its dateline for any information contained in it that may have changed,
including any beliefs and/or opinions. In addition, no assurances
can be given that any aims, assumptions, expectations, and/or goals
described in this release will be realized or that the activities or any
performance described herein did or will continue at all or in the same
manner as at the time of the press release.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced module and system technology.
The company's integrated power plant solutions deliver an economically
attractive alternative to fossil-fuel electricity generation today. From
raw material sourcing through end-of-life module recycling, First
Solar's renewable energy systems protect and enhance the environment.
For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant
to safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements, among
other things, concerning: effects on our financial statements and
guidance resulting from certain tax matters; our business strategy,
including anticipated trends and developments in and management plans
for our business and the markets in which we operate; future financial
results, operating results, revenues, gross margin, operating expenses,
products, projected costs (including estimated future module collection
and recycling costs), warranties, solar module efficiency and balance of
systems cost reduction roadmaps, restructuring, product reliability,
investments in unconsolidated affiliates and capital expenditures; our
ability to continue to reduce the cost per watt of our solar modules;
our ability to reduce the costs to construct PV solar power systems;
research and development programs and our ability to improve the
conversion efficiency of our solar modules; our ability to expand
manufacturing capacity worldwide; sales and marketing initiatives; and
competition. These forward-looking statements are often characterized by
the use of words such as "estimate," "expect," "anticipate," "project,"
"plan," "intend," "seek," "believe," "forecast," "foresee," "likely,"
"may," "should," "goal," "target," "might," "will," "could," "predict,"
"continue" and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only predictions
based on our current expectations and our projections about future
events. You should not place undue reliance on these forward-looking
statements. We undertake no obligation to update any of these
forward-looking statements for any reason. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity,
performance or achievements to differ materially from those expressed or
implied by these statements. These factors include, but are not limited
to, the matters discussed in Item 1A: "Risk Factors," of our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other reports filed with the SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803005368/en/
First Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
or
First
Solar Investors
Stephen Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
Source: First Solar, Inc.
News Provided by Acquire Media