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Press Release

D. E. Shaw Renewable Investments (DESRI) Announces 100MW Drew Solar Delivers Energy to Sacramento Municipal Utility District (SMUD)

Published by Todd Bush on November 2, 2023

NEW YORK, Nov. 1, 2023 /PRNewswire/ -- D. E. Shaw Renewable Investments (DESRI), in partnership with Sacramento Municipal Utility District (SMUD), today announced that the Drew Solar has reached commercial operation (COD). Drew Solar is a 100 MWac solar energy facility located in Imperial County, California. The facility began operating in December 2022.

Drew Solar has a power purchase agreement with SMUD. The facility is expected to generate enough clean energy to power approximately 30,000 homes each year, according to metrics provided by the Environmental Protection Agency.

"Our vision for a carbon-free energy future centers on collaborative partnerships and the expansion of renewable energy," said Lora Anguay, Chief Zero Carbon Officer at SMUD. "This solar project is another example of SMUD's vision and dedication to sustainability, decarbonization and affordable energy solutions that provide extensive health and economic benefits for entire communities."

"Our DESRI team is pleased to bring this affordable and reliable clean energy project online to serve SMUD and the California electricity system," said Hy Martin, Chief Development Officer of DESRI. "This solar project grows our longstanding relationship with SMUD to deliver renewable energy to its customers and support their Zero Carbon Plan. Our team is also proud to support the local community in Imperial County through community benefit and public benefit programs that serve to fund scholarships for students in need, bolster local businesses, and support economic development in the Imperial Valley."

SOLV Energy served as the engineering, procurement, and construction contractor, and will also provide ongoing operations and maintenance services to the facility. The Navajo Tribal Utility Authority and Bona Terra Energy were involved in the co-development of project.

D. E. Shaw Renewable Investments

D. E. Shaw Renewable Investments (DESRI) and its affiliates develop, acquire, own, and operate long-term contracted renewable energy assets in the U.S. DESRI's portfolio of contracted, operating, and in-construction renewable energy projects currently includes 69 solar and wind projects representing more than eight gigawatts of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $60 billion in investment and committed capital as of September 1, 2023, and offices in North America, Europe, and Asia.

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.

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