DESRI Ranger Power Secure Funds for Two Michigan Solar Farms

• DESRI and Ranger Power close financing for 290-MW Heartwood and White Tail solar projects in Michigan, targeting full operation by 2025-26.

D.E. Shaw Renewable Investments (DESRI) and Chicago-based Ranger Power have wrapped up financing for a pair of large-scale solar parks in Michigan, clearing the last hurdle before shovels hit the ground. The deal covers the 150-MW Heartwood Solar project in Hillsdale County and the 140-MW White Tail Solar installation in neighboring Washtenaw County, together adding 290 MW of clean generation to the grid.

A banking syndicate led by Fifth Third Bank and Zions Bancorporation—joined by Bank of America, Commerzbank and Sumitomo Mitsui Trust Bank—provided construction loans, tax-equity commitments and long-term debt. While terms were not disclosed, the structure mirrors other utility-scale deals that have poured capital into U.S. renewables this year.

Heartwood Solar, slated to come online in 2026, will sell its output to Consumers Energy under a long-term power-purchase agreement. White Tail Solar is on a slightly faster track, expected to reach commercial operation before the end of 2025 with its electricity earmarked for the Lansing Board of Water & Light and the Michigan Public Power Agency. Between them, the two parks are projected to generate enough energy to power roughly 55,000 homes and offset close to 300,000 tonnes of carbon emissions annually.

Local communities are set to benefit as well: DESRI estimates the projects will deliver about USD 62 million in property-tax revenue over their lifetimes, money that will bolster county budgets and school districts. Engineering, procurement and construction duties fall to Primoris Services Corporation, which will source more than half its labor from in-state contractors, according to the developers.

Heartwood and White Tail mark DESRI’s 11th and 12th ventures in Michigan—and the latest fruit of a partnership with Ranger Power that dates back to 2019. Earlier this year the duo achieved financial close on a 250-MW solar project in Missouri, underscoring their strategy of identifying shovel-ready sites in the Midwest and lining up offtakers before locking in financing.

With capital secured, preliminary site work has already begun. Module deliveries are expected to start early next year, and both developers say the projects will stay on schedule thanks to Michigan’s streamlined permitting process. Once completed, the two solar farms will nudge the state closer to its target of sourcing 60 percent of electricity from renewables by 2035—while giving DESRI and Ranger Power a stronger foothold in one of America’s fastest-growing solar markets.