Developer rewards IVEDC with $50,000 check

On the occasion of the groundbreaking for the Mount Signal 2 solar project, developer D.E. Shaw Renewable Investments presented Imperial Valley Economic Development Corp. a check for $50,000. The groundbreaking ceremony took place Oct. 25. “We are thrilled to support the Imperial Valley Economic Development Corp. as they expand economic opportunity in Imperial County and beyond,” said D.E. Shaw executive Hy Martin. “Our DESRI team is committed to growing the renewable energy economy in the Imperial Valley and across California, as shown by our significant local investment in the Mount Signal 2 solar project and our recent partnership with IVEDC.”

In March 2018, New Energy Solar acquired 100 percent of the cash equity interests in the 200 megawatt solar plant from an affiliate of DESRI, which is part of the D.E. Shaw Group, a global investment and technology development firm.

Mount Signal 2 is being constructed by is being constructed by Swinerton Renewable Energy and is expected to commence operations in 2019, New Energy said on its web site.

The project has secured a 20-year power purchase agreement with Southern California Edison that commences in mid-2020, New Energy said.

“This project would not have been possible without the diligent efforts of IVEDC to aggressively market the regional economy for both domestic and foreign business investment,” IVEDC said in a release. “D.E. Shaw’s investment will further assist IVEDC in its efforts to facilitate economic growth in the Imperial Valley.”