D. E. Shaw Renewable Investments announces the signing of 155MWac of PPAs in Utah with Facebook and PacifiCorp

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Sep 09, 2020, 09:00 ET

NEW YORK, Sept. 9, 2020 /PRNewswire/ -- D. E. Shaw Renewable Investments (DESRI), a leading renewable energy producer in North America, today announced additional details regarding the signing of power purchase agreements (PPAs) for the Rocket and Horseshoe Solar projects in Utah. The projects, which are expected to total 155 MWac, will support Facebook Inc.'s Eagle Mountain Data Center, through PPAs with Rocky Mountain Power, announced earlier this month. Both projects are owned and being developed by DESRI.

Rocket Solar is an 80 MWac solar facility to be built outside of Corinne in Box Elder County, Utah. Horseshoe Solar is a 75 MWac solar facility to be built outside of Grantsville in Tooele County, Utah. Both projects are scheduled to begin operations in 2022 to supply clean solar energy to Facebook under the Schedule 34 Renewable Energy Tariff, which enables customers to work with Rocky Mountain Power, a division of PacifiCorp and part of Berkshire Hathaway Energy, to meet their renewable energy goals by facilitating the construction and contracting of new renewable energy projects. The projects will help Facebook meet its goal of supporting its operations in the region with 100% renewable energy and reducing greenhouse gas emissions by 75%.

"The DESRI team is thrilled to expand our strong working relationships with Facebook and PacifiCorp to deliver cost-effective renewable power to Utah," said Hy Martin, Chief Development Officer of DESRI. "These projects will create jobs, tax revenue, and other local economic development in communities across the state as Utah becomes a leader in the clean energy economy."

"We're very proud to partner with DESRI to help meet the renewable energy needs of Facebook," said Ryan McGraw, Vice President – Project Development of PacifiCorp. "These projects represent important economic investments in rural Utah which will significantly increase the amount of solar energy produced by the state."

The facilities are expected to generate up to 200 construction jobs and will support DESRI's ongoing renewable energy project construction efforts in the state.

"As one of the leading per-capita manufacturing counties in the Western United States we are excited to have the Rocket Solar project in Box Elder County," said Jeff Hadfield, Commissioner of Box Elder County. "We're looking forward to the future of clean energy, and the opportunities that will be provided to existing businesses as well as any new ones that may come to Box Elder County and the State of Utah."

"Tooele County is excited to host the Horseshoe Solar project and values the long term economic benefits and technological innovation that it will bring," said Shawn Milne, Commissioner of Tooele County. "We have appreciated Enyo and DESRI's collaborative approach and look forward to a continued partnership as the project approaches construction and operations. We are proud to be on the forefront of Utah's new energy economy."

The Rocket and Horseshoe solar projects were initially developed and permitted by Enyo Renewable Energy, a joint venture among affiliates of Enyo, LLC and MAP® Energy, LLC. Funds managed by MAP® Energy also retain a minority equity ownership interest in the projects.

"MAP® and Enyo formed Enyo Renewable Energy to create projects that will lead the transformation of the Utah energy landscape by providing consumers with the local renewable energy sources they increasingly demand, while providing substantial economic benefits to communities throughout the region," said Christine Mikell, Founder and CEO of Enyo. "The companies driving economic growth and job creation now require vast supplies of non-polluting and cost-effective sources of electricity. In our longstanding partnership with Enyo we have focused on the development of a number of projects adjacent to the Wasatch Front that deliver an ideal solution to accelerate the decarbonization of regional power supply while also improving local air quality," added Aaron Zubaty, Managing Partner of MAP®.

About D. E. Shaw Renewable Investments (DESRI)

D. E. Shaw Renewable Investments (DESRI) and its affiliates acquire, own, and manage long-term contracted renewable energy assets in North America. DESRI's portfolio of renewable energy projects currently includes 41 wind and solar projects that represent more than 2,400 MW of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $50 billion in investment and committed capital as of June 1, 2020, and offices in North America, Europe, and Asia.

Please visit www.deshaw.com for more information about the D. E. Shaw group.

About Enyo Renewable Energy

Enyo Renewable Energy, a joint venture between Enyo, LLC and MAP® Energy, LLC, is a wind and solar development company based in Salt Lake City that specializes in utility-scale renewable energy projects in Utah and adjacent states. We treat our landowners as family and collaborate closely with local governments throughout the development process. Our specialized knowledge of Utah coupled with our focus on building relationships with all stakeholders allows Enyo to focus on projects that are sited in locations that will provide long-term benefits for our communities and partners. More information is available at www.enyo-energy.com

About MAP® Energy, LLC

MAP® Energy has been an innovating and leading investor in renewable energy projects since 2005 and has directly funded the development of more than 15,000 MW of operating or under-construction wind and solar generating capacity located across the United States. More information is available at www.map-energy.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.

Contact:
Randall Whitestone or Theresa Kim
The D. E. Shaw group
[email protected]

SOURCE D. E. Shaw Renewable Investments