8minuteenergy raises financing for 133 MW solar project

D.E. Shaw Renewable Investments, L.L.C. (DESRI; New York, NY) and 62SK 8me, an affiliate of 8minutenergy Renewables, LLC (Los Angeles, CA), have closed on an initial financing round to support the development of the 133 MW Springbok Solar Farm on low-productivity farmland in California’s Kern County. The companies did not disclose the amount of the financing. As a result of the deal, DESRI is taking an equity position in the project and will jointly own and operate it with 8minutenergy, which had previously held the only equity position in the solar farm. 8minutenergy has signed a power purchase agreement (PPA) with the Southern California Public Power Authority (SCPPA) under which output of the Springbok Solar Farm will be delivered to the Los Angeles Department of Water and Power (LADWP). “The D. E. Shaw group is highly experienced and respected in the energy industry, and through its portfolio companies has already invested in over 300 MW in renewable energy projects for LADWP,” said Tom Buttgenbach, president of 8minutenergy Renewables.