D.E. Shaw Renewable Investments LLC and Bright Plain Renewable Energy have purchased five solar projects.
The solar project portfolio was originally developed by ImModo Energy Services Corp. in Tulare County, Calif. Terms of the deal were not disclosed.
ImModo will serve as the contractor for the projects, which will produce energy for customers of Pacific Gas & Electric and Southern California Edison.
D.E. Shaw focuses on acquiring renewable energy assets in North America. The buyer is a member of the D.E. Shaw group, an investment and technology development firm based in New York.
Bright Plain was founded in 2011 to acquire and manage solar projects in North America.
KeyBank NA provided construction and term financing for the projects.
Other recent alternative energy transactions include BluEarth Renewables' purchase of four solar power plants in June, and Google Inc.’s (Nasdaq: GOOG) purchase of a high-altitude wind turbine maker in May.