D. E. Shaw breakthroughs construction on 79-MW Michigan solar project
- D. E. Shaw Renewable Investments (DESRI) announced the financial closing of Assembly Solar III, a 79-MW solar project in Lennon, Michigan. DESRI is moving on with construction after protecting both building and construction financial debt and also tax obligation equity funding for the project.
The Assembly Solar III project is the 3rd phase of the Assembly Solar project in Michigan to start building. The projects were developed by Ranger Power, a utility-scale solar developer headquartered in Chicago, in partnership with DESRI, as well as are being built by McCarthy Building Firms, Inc. Assembly I started running in December 2020 and also Assembly II is slated to get to commercial operation in the 3rd quarter of 2021.
Assembly III signed a lasting power purchase contract with DTE Electric for the project's output in the very first fifty percent of 2020.
" DTE Energy intends to add substantially much more tidy energy to its portfolio over the next 10 years," stated Dave Harwood, director, Renewable Energy for DTE Energy. "Including Assembly Solar will certainly help our firm achieve Michigan's 15% Eco-friendly Portfolio Standard, and we are thrilled to see the project move into the following phase of the construction process as well as look forward to its conclusion."
When completed, the Assembly Solar collection will complete 239 MW.
Funding for the building and also procedure of the project was offered by a syndicate of lending institutions, including HSBC as Coordinating Lead Arranger as well as CIBC, National Cooperative Services Corporation and Truist as Joint Lead Arrangers. PNC Bank provided a commitment for tax obligation equity funding.
