NEW YORK--(BUSINESS WIRE)--D. E. Shaw Renewable Investments, L.L.C. (DESRI) and Bright Plain Renewable Energy (BPRE) today announced the acquisition of the Searchlight solar project located approximately 50 miles south of Las Vegas, Nevada. The 24-megawatt (DC) project was originally developed by American Capital Energy, Inc. and was acquired by an affiliate of DESRI in partnership with BPRE.
Signal Energy will serve as the engineering, procurement, and construction contractor for the project, and will also provide operations and maintenance services to the facilities once they are operational. The project is expected to produce more than 45,000 MWhs of clean energy per year for customers of NV Energy, a utility acquired by Berkshire Hathaway’s MidAmerican unit in December 2013. KeyBank N.A. provided construction and term financing to the project.
"The Searchlight project is a big step forward in transforming Nevada’s abundant natural solar resources into a clean and reliable source of energy,” said Bryan Martin, managing director and head of U.S. growth and buyout private equity at the D. E. Shaw group. “DESRI has successfully completed solar projects in several other states, and we are looking forward to providing solar energy to the residents of southern Nevada."
Tom Hunton, president and CEO of American Capital Energy, added “DESRI has been a great partner and we’re pleased to retain some project ownership delivering long-term value to the Searchlight region.”
“Signal Energy is proud to provide its utility-scale, solar EPC expertise to DESRI and BPRE to bring the Searchlight solar project to market,” said Ben Fischer, CEO of Signal Energy. “There is great opportunity in the solar industry over the next few decades and partnerships like this help build a clean energy future for North America.”
About D. E. Shaw Renewable Investments
D. E. Shaw Renewable Investments, L.L.C. (DESRI) and its affiliates acquire 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 $33 billion in investment capital as of July 1, 2014, and offices in North America, Europe, and Asia.
Please visit www.deshaw.com for more information about the D. E. Shaw group.
About Bright Plain Renewable Energy
BPRE was founded in 2011 by industry veterans David Buzby and William Lee as an operating platform to acquire and manage solar projects across North America. By building lasting relationships with project developers and providing efficient and knowledgeable capital, BPRE is enabling the growth of the solar industry. Likewise, BPRE's strategic investors benefit from direct investment in long term assets and stable cash flows.
About American Capital Energy, Inc.
American Capital Energy develops, finances, builds, and operates commercial and utility-scale solar PV projects. ACE has developed and/or built over 100 MW of solar PV projects across the US. We succeed by listening to our partners and clients, offering flexible, innovative solutions tailored to their needs, and driving the project to successful completion with well-honed risk management and operational discipline. Please visit www.AmericanCapitalEnergy.com for more information about American Capital Energy.
About Signal Energy
Signal Energy is a leading full service design/build general contractor providing engineering, procurement and construction (EPC) services for utility-scale renewable energy projects across North America with more than 8,000 megawatts of renewable energy, utility scale project experience. Signal Energy is the renewable energy subsidiary of EMJ Corporation. For more information visit: www.signalenergy.com
This press release is provided for the reader’s information only and does not constitute investment advice or convey an offer to sell, or the solicitation of an offer to buy, any securities or other financial products.
Please also note that this press release has not been updated since its dateline for any information contained in it that may have changed, including any beliefs and/or opinions. In addition, no assurances can be given that any aims, assumptions, expectations, and/or goals described in this release will be realized or that the activities or any performance described herein did or will continue at all or in the same manner as at the time of the press release.
Please visit www.deshaw.com for current and additional information about the D. E. Shaw group.