Macquarie sells off California solar projects to DE Shaw, Bright Plain
Macquarie has sold a 21.9-megawatt solar power development in California to financial investor, D.E. Shaw & Co., and solar developer, Bright Plain Renewable Energy LLC.
The development includes five projects, originally developed by Immodo Energy Service Corp. in Tulare County, California.
ImMODO will continue to serve as the engineering, procurement, and construction (EPC) contractor for the five projects, and will also provide operations and maintenance (O&M) services to the facilities once operational.
Power from the projects will be bought by Pacific Gas & Electric and Southern California Edison, two of the region's biggest electric utilities. The deal comes immediately after Macquarie, through investment vehicle Macquarie Infrastructure and Real Assets, launched a takeover offer for French wind developer Theolia.
KeyBank N.A. provided construction and term financing to the projects.
D. E. Shaw Renewable Investments (DESRI) acquires long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than 1,000 employees, approximately $30 billion in investment capital as of April 1, 2013, and offices in North America, Europe, and Asia.
Bright Plain Renewable Energy, LLC acquires and manages solar projects. The company was founded in 2011 and is based in San Francisco, California.
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