Clean energy developer First Solar has sold two solar projects this week that will generate a combined 320MW in California.
The first deal is for Capital Dynamics, a Switzerland-based asset manager currently raising a $1 billion clean energy fund, to purchase a 280MW solar project in Monterey, California. Financial details were not disclosed, but Capital Dynamics said the project is contracted under a long-term power-purchase agreement and is being constructed on land owned by the Hearst Corporation.
The first phase of the project is expected to finish by the end of this year and the second phase by the end of 2018. Capital Dynamics now owns three of the 10 largest solar projects in North America, the firm said in a statement.
In a separate deal, New York-based investment firm DE Shaw said it has acquired a 40MW solar project under development in Santa Barbara County. The project is contracted to sell power to local utility Pacific Gas & Electric under a 25-year power-purchase agreement starting in January 2019.
DE Shaw said this is the first utility-scale solar project in Santa Barbara County and the third renewable energy project the firm has acquired from First Solar. Its portfolio includes 27 wind and solar projects generating a combined 1.3GW.