DE Shaw Renewable Investments Announces Completion of River Fork Solar Debt and Tax Equity Financing
NEW YORK, 20 October 2021 / PRNewswire / – DE Shaw Renewable Investments (DESRI) today announced the closing of debt and tax equity financing for the River Fork Solar (River Fork) project. River Fork is a 149 MWac solar installation developed by Ranger Power and is located in Sheridan & Parma Townships, Michigan.
âWe are delighted to expand our clean energy portfolio by Michigan,” noted Bryan martin, executive chairman of DESRI. “It has been a pleasure working with Ranger Power, Consumers Energy, DTE, Bank of America and our suite of lenders to achieve the goal of bringing more green power to the state.”
âRiver Fork represents a major investment in this community, creating jobs and tax revenue to support essential services like police and firefighters for Calhoun and Jackson counties â, said Paul Harris, co-founder and president of Ranger Power. âSolar projects like River Fork provide residents with clean, reliable renewable energy. We are proud to partner with all stakeholders at River Fork as we continue our community-driven approach to building solar power across the State of Michigan. “
River Fork has a 20-year power purchase agreement for 100 MWac with Consumers Energy (Consumers) and a 25-year power purchase agreement for 49 MWac with DTE Energy (DTE). The facility is expected to generate enough clean energy to power about 30,000 homes each year, according to measurements provided by the Environmental Protection Agency.
Construction financing for the project was led by the Canadian Imperial Bank of Commerce (CIBC) and included four additional lenders: City National Bank (CNB), National Bank of Canada (NBC), Sumitomo Mitsui Banking Corporation (SMBC) and The Korea Development Bank (KDB), as well as a fiscal equity financing commitment from Bank of America.
Swinerton Renewable Energy will serve as the engineering, procurement and construction contractor. Additionally, SOLV, Inc. will provide ongoing operation and maintenance services to the facility once operational.
About DE Shaw Renewable Investments
DE Shaw Renewable Investments (DESRI) and its affiliates develop, acquire, own and operate long-term contract renewable energy assets in the United States. DESRI’s portfolio of renewable energy projects in operation and under construction currently includes more than 50 solar and wind projects that represent more than 6 GW of overall capacity. DESRI is a member of the DE Shaw Group, a global technology investment and development firm with more than 60 billion dollars in investment and committed capital from September 1, 2021, and offices in North America, Europe, and Asia.
Please visit www.desri.com for more information on DESRI.
This press release is provided for the convenience of the reader only and does not constitute investment advice or convey an offer to sell, or the solicitation of an offer to buy, securities or other financial products. .
Please also note that this press release has not been updated since its deadline for any information it contains that may have changed, including any beliefs and / or opinions. Further, no assurance can be given that the goals, assumptions, expectations and / or objectives described in this press release will be achieved or that the activities or any performance described in this document have continued or will continue at all or the same. way that at the time of the press release.
Randall Whitestone or Theresa Kim
The DE Shaw group
SOURCE OF Shaw Renewable Investments