8minutenergy Renewables and D. E. Shaw Renewable Investments (DESRI) have announced the closing of an initial financing commitment to build the 133 megawatts-dc (100 MW-ac) Springbok Solar Farm, located 70 miles north of Los Angeles in Kern County, Calif. The transaction was conducted between 62SK 8me, LLC and an affiliate of DESRI. 62SK 8me, LLC is a wholly-owned subsidiary of Calif.-based 8minutenergy Renewables – the nation’s leading independent solar PV developer. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with offices in North America, Europe and Asia.
Springbok Solar Farm has a signed Power Purchase Agreement (PPA) with the Southern California Public Power Authority (SCPPA), on behalf of its participating member, the Los Angeles Department of Water and Power (LADWP). Prior to this investment, 8minutenergy has been the sole equity sponsor of the project, which it began developing in 2011. 8minutenergy and DESRI expect to jointly own and operate the Springbok Solar Farm. 8minutenergy is leading the engineering stage of the project.
“DESRI’s investment in this project, and the fact that we have over 1,150 megawatts in PPAs, underscore 8minutenergy’s position as one of the world’s leading solar developers,” said Martin Hermann, chief executive officer of 8minutenergy Renewables. “We are proud of our demonstrated ability to bring projects from conception to construction to delivering power. We look forward to building Springbok and to providing clean energy to the people of Los Angeles.”
“We are pleased to be partnering with 8minutenergy, one of the solar industry’s foremost developers, to build Springbok Solar Farm,” said Bryan Martin, managing director and head of U.S. private equity at the D. E. Shaw group. “Through this investment, we are expanding DESRI’s renewable energy portfolio and helping to power more U.S. homes with green energy. We look forward to working closely with 8minutenergy on this project.”
“The D. E. Shaw group is highly experienced and respected in the energy industry, and through its portfolio companies has already invested in over 300 megawatts in renewable energy projects for LADWP,” said Tom Buttgenbach, president of 8minutenergy Renewables. “DESRI’s investment illustrates the strength of 8minutenergy’s projects. We look forward to working with them to build this solar facility, which will create 300 direct and 400 indirect jobs during construction in Kern County, and employ graduates of Homeboy Industry’s solar PV training program.”
Springbok Solar Farm is a utility-scale solar generation facility sited on up to 950 acres of low-productivity farmland. Construction is projected to begin in the second quarter of 2015, with the site expected to be operational and delivering renewable energy to the LADWP by June, 2016. This clean solar generation plant will displace the equivalent of approximately 300,000 metric tons of carbon dioxide (CO2) per year, which is equal to the amount that roughly 12 million trees would displace annually.
Graduates of Los Angeles-based Homeboy Industries’ solar panel installation training and certification program will provide some of the labor for the project through a partnership between 8minutenergy and the International Brotherhood of Electrical Workers (IBEW) Local 428. Homeboy Industries serves formerly high-risk, gang-involved men and women with a continuum of free services and programs, and operates seven job-training sites.
The solar power system for Springbok Solar Farm will be comprised of state-of-the-art solar photovoltaic modules, related power electronics, and other components including an advanced tracking system that follows the sun to maximize energy production.
D. E. Shaw Renewable Investments
www.deshaw.com
8minutenergy Renewables
www.8minutenergy.com