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Hedge fund D.E. Shaw signs solar deal with Meta

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Dec 1, 2022
Illustration of a stack of solar panels with a currency band

Illustration: Aïda Amer/Axios

D. E. Shaw has signed a multiyear off-take agreement with Meta for a solar facility in Phillips County, Arkansas.

Why it matters: D. E. Shaw, one of the world's largest hedge funds, is cementing its position as a key player for these types of agreements and for power purchase agreements (PPAs), through its growing network of renewable energy projects.

  • Off-take deals are an agreement to buy the energy generated from a certain plant.

Driving the news: The D.E. Shaw-Meta deal, dubbed the Long Lake Project, covers 200 megawatts of solar energy generated at an Arkansas facility. The energy will help power Meta's operations in the area.

  • The terms of the PPA were not disclosed.
  • Meta has similar agreements with D. E. Shaw solar projects in Utah and Virginia.
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