Macquarie Capital (MacCap) has parted with a 21.9-megawatt solar farm portfolio in a transaction involving $30 billion hedge fund operator DE Shaw Group.
MacCap, the investment banking arm of Macquarie Group, sold five solar farms located in the ‘Central Valley’ of California, according to a press release from DE Shaw.
The deal will let DE Shaw Renewable Investments and Bright Plain Renewable Energy (BPRE) provide 36,500 megawatt hours of clean energy a year on behalf of Pacific Gas and Electric Company and Southern California Edison.
DE Shaw did not disclose the cost of the solar farms. A spokeswoman for Macquarie was travelling and unable to comment by press time. BPRE is a startup based in San Francisco.
ImMODO Energy Services Corporation, the original developer of the solar farms, will remain the engineering, procurement and construction contractor for the projects, DE Shaw said.
KeyBank provided construction and term financing for the projects.