First Solar Inc., a worldwide developer of solar generation installations based in Tempe, Arizona, has sold its Cove Mountain and Cove Mountain 2 projects in Iron County to D.E. Shaw Renewable Investments (DESRI) of New York City. The two solar installations are currently under construction with completion expected in the second and fourth quarters of 2020.
The Iron County plants have long-term power purchase agreements (PPAs) with PacifiCorp on behalf of Facebook, providing Facebook’s data center operations with new solar resources.
Once commissioned, the Cove Mountain and Cove Mountain 2 projects in Utah will be operated for DESRI by First Solar Energy Services (FSES), a subsidiary of First Solar. FSES has over 10 gigawatts of photovoltaic generation under management. The Utah operations will add 180 megawatts to its portfolio.
“Cove Mountain 1 and 2 are powered by one of the most financeable and reliable photovoltaic technologies available today, and are underpinned by long-term PPAs to support the renewable energy and carbon reduction goals of one of the best-recognized names in technology,” said Bryan Martin, CEO of DESRI. “While these projects further solidify the longstanding partnership between our companies, they also demonstrate the value that First Solar is able to deliver by developing and operating world-class solar assets.”
“DESRI’s decisions to invest in assets are always backed by rigorous research and analysis and their acquisition of our projects validates the robustness of First Solar’s approach to project development,” said Georges Antoun, chief commercial officer of First Solar.