Searchlight project has new owners

A unit of DE Shaw and investment company Bright Plain Renewable Energy (BPRE) say they have acquired majority ownership in the 24MW (dc) Searchlight solar PV project 80km south of Las Vegas, Nevada.

The partners did not make public financial terms of the transaction. American Capital Energy, based in Annapolis, Maryland, is project developer and retains a minority stake.

Key Bank is providing construction and term financing for the project whose power will purchased by NV Energy, the state’s largest electric utility.

Signal Energy will serve as the engineering, procurement, and construction contractor for the project. It will also provide operations and maintenance services once it is operational.

"The Searchlight project is a big step forward in transforming Nevada’s abundant natural solar resources into a clean and reliable source of energy,” says Bryan Martin, managing director and head of US growth and buyout private equity at D E Shaw group, whose products include a hedge fund and private investment funds.

Searchlight is the home town of US Senate Majority Leader Harry Reid.