First Solar Inc of Tempe, AZ, USA – which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – says that its 11MWAC Rancho Seco Solar Project in Sacramento County, California (on the site of the decommissioned Rancho Seco Nuclear Generation Station), has been acquired by an affiliate of D.E. Shaw Renewable Investments L.L.C. (DESRI).
Rancho Seco is sited 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 uses First Solar thin-film modules mounted on single-axis tracking tables. The project is expected to produce more than 23,000MWh 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 basketball club) will obtain about 85% 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," says 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," he adds.
"DESRI's commitment to renewable solar energy represents a tremendous opportunity for a continued strategic partnership," says Brian Kunz, First Solar's VP of project development. "Earlier this year, an affiliate of DESRI acquired from First Solar the 31MWAC Portal Ridge solar project, currently in construction in Lancaster, California.
