DSD Acquires 2.176MW Solar Project on California Oilfield
SCHENECTADY, N.Y. — (May 26, 2021) — Distributed Solar Development (DSD) has acquired a 2.176MW PV solar project at the Lost Hills Oilfield in Kern County, California, from Alternative Energy Development Group (AEDG), who co-developed the project with Regatta Solutions, Inc. The single-axis ground mount system is estimated to produce over 4,917MWh of energy per year for the oil field operation.
Major American oil companies have increased their commitment to solar and renewable energy in recent years to reduce the carbon footprints.
“The changing economics and technology developments in PV solar have made clean, affordable solar energy a priority for operators of all sizes in the oil and gas industry,” says Chris Fraga, CEO at AEDG. “Industry stakeholders are attracted to the cost effectiveness, reliability, and scale that solar enables.”
Major American oil companies have increased their commitment to solar and renewable energy in recent years to reduce the carbon footprint of oil and gas facilities through the generation of clean, reliable, and affordable energy, and Low Carbon Fuel Standard credits.
“DSD has a team of professionals 100% committed to delivering results beyond the close of the transaction.”
“This project is an example of how Regatta Solutions is helping commercial and industrial clients reimagine their opportunities for fundamental, sustainable strategies and the innovative value engineering required to overcome utility and financial hurdles,” says Steven Acevedo, CEO & Founder of Regatta Solutions.
“This transaction builds upon DSD’s asset acquisition strategy,” says Jon Morton, Vice President of Asset Acquisitions at DSD. “AEDG and Regatta Solutions have been outstanding partners throughout development and DSD has a team of professionals 100% committed to delivering results beyond the close of the transaction.”
Lost Hills Thermal, LLC will buy energy from DSD, who will be the owner/operator of the ground mount solar system, via a 20-year PPA agreement.
Lost Hills Thermal, LLC is a privately owned special purpose vehicle managed by Crimson Resources Management Corporation, the contracted operator at Lost Hills. Crimson has 35 years continuous experience as a California-focused oil and gas operator, with current operated oil volumes ranking in the top ten in the State.
About Distributed Solar Development
Distributed Solar Development (DSD) is transforming the way organizations harness clean energy. With unparalleled capabilities including development, structured financing, project acquisition and long-term asset ownership, DSD creates significant value for our commercial, industrial and municipal customers and partners. Backed by world-leading financial partners like BlackRock Real Assets and rooted in our founding at GE with a 120+ year legacy of innovation, our solar energy team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own and maintain. To learn more about our industry-leading solar energy solutions, visit dsdrenewables.com and be sure to connect with us on LinkedIn and Twitter.
About Alternative Energy Development Group
AEDG helps commercial & industrial scale clients reduce their energy demand, reduce their energy costs, and to become more sustainable and resilient. The company develops, finances, owns and operates energy projects and provides energy advisory services to clients and partners. Our principals have a combined 102 years’ experience providing clean, reliable, and cost-effective energy generation, storage, energy efficiency, energy infrastructure and financing solutions. AEDG’s project portfolio spans 98 projects at hundreds of operating sites across 21 States. In its first decade of operation, AEDG successfully completed $270 million in projects, generating 2,009 MWh of clean, reliable, and affordable energy.
About Regatta Solutions
Founded in 2009, Regatta Solutions® is a full-service energy solutions provider. Regatta Solutions® provides cost-effective, environmentally friendly energy solutions for prime power, secure power, peak shaving, and stand-by energy requirements. Technology and project experience include Solar PV, Energy Storage, Microgrid Implementation, Combined Heat & Power, Advanced Chilling Solutions, Building Management Control Systems, and EV Charging Systems. Superb after-market service is also available, providing clients with high availability, asset investment protection, and central plant facility maintenance. Markets served include data centers, education, food and beverage production, healthcare, hospitality, life sciences, manufacturing, property management, waste-water treatment and landfills, and utilities. Additional information: www.regattasp.com
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