The solar plant, which was developed by First Solar and currently under construction, will be completed by the end of 2017.

It is the third renewable energy project DESRI has acquired from First Solar. 

Under a 25-year power purchase agreement (PPA), which commences from January 2019, the energy generated from the plant will be used by Pacific Gas & Electric (PG&E).

Besides, the plant has secured one-year bridge PPA with Community Choice Aggregator Peninsula Clean Energy for power delivered from it in 2018.  

The solar facility will generate sufficient clean electricity to meet the requirements of 16000 households in California. The energy produced will minimize 30000 metric tons of CO2 and green house emissions annually.

The subsidiaries of DESRI purchased 31MWac Portal Ridge solar project in Los Angeles County and the 11MWac Rancho Seco solar project in Sacramento County in 2016.

DESRI CEO Bryan Martin said: “Their technology and integrated power plant solutions will help us provide a cost-effective energy solution for the residents and businesses of Santa Barbara.”

First Solar chief commercial officer Georges Antoun said: “DESRI’s clear commitment to building their portfolio with affordable, clean energy is a strong match with First Solar technology.”

Established in 1988, D. E. Shaw Group employs over 5000 employees and specializes in global investment, technology development and hedge fund.