OCI Solar sells 50 MW solar project in Texas to DE Shaw
OCI Solar Power has completed the sale of its 50 MWac (66 MWdc) Project Ivory solar project to D.E. Shaw Renewable Investments. The solar project is located in Dawson County, Texas and consists of around 197,000 solar modules.
Project Ivory has an existing power purchase agreement (PPA) with the City of San Antonio acting through its City Public Service Board (CPS Energy). The project is expected to commence operations in November 2018. OCI Solar Power funded the project's construction entirely on its balance sheet prior to the sale to DESRI.
Marathon Capital served as OCI Solar Power's exclusive sell-side financial advisor, providing valuation, due diligence, negotiation, and transaction execution support throughout a four-month two-phase sale process.
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