D. E. Shaw Renewable Investments and Bright Plain Renewable Energy announce the acquisition of Tulare County solar projects
Wednesday, Jul 10, 2013
NEW YORK, July 9, 2013 /PRNewswire/ -- D. E. Shaw Renewable Investments, L.L.C. (DESRI) and Bright Plain Renewable Energy (BPRE) today announced the acquisition of five Tulare County solar projects from Macquarie Capital. The 21.9-megawatt (DC) portfolio of solar projects was originally developed by ImMODO Energy Services Corporation (ImMODO) in Tulare County, CA, and was acquired by an affiliate of DESRI in partnership with BPRE.
ImMODO will continue to serve as the engineering, procurement, and construction (EPC) contractor for the five projects, and will also provide operations and maintenance (O&M) services to the facilities once operational. The projects are expected to produce more than 36,500 MWhs of clean energy per year for customers of Pacific Gas & Electric and Southern California Edison. KeyBank N.A. provided construction and term financing to the projects.
"Solar power provides a clean and reliable source of energy to serve our growing energy demand while reducing the need for imported fossil fuels," said Bryan Martin, managing director and head of U.S. growth and buyout private equity at the D. E. Shaw group. "We're confident that these projects will benefit the residents of central California for years to come."
About D. E. Shaw Renewable Investments, L.L.C.
D. E. Shaw Renewable Investments (DESRI) and its affiliates acquire long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than 1,000 employees, approximately $30 billion in investment capital as of April 1, 2013, and offices in North America, Europe, and Asia.
Please visit www.deshaw.com for more information about the D. E. Shaw group.
About Bright Plain Renewable Energy
BPRE was founded in 2011 by industry veterans David Buzby and William Lee as an operating platform to acquire and manage solar projects across North America. By building lasting relationships with project developers and providing efficient and knowledgeable capital, BPRE is enabling the growth of the solar industry. Likewise, BPRE's strategic investors benefit from direct investment in long term assets and stable cash flows.
SOURCE D. E. Shaw Renewable Investments, L.L.C.