DESRI closes financing for 149-MW River Fork Solar project
The Lapeer solar park. Photo by: DTE Energy (www.dteenergy.com).
US renewable energy asset owner D E Shaw Renewable Investments (DESRI) said today it has closed debt and tax equity financing for the 149-MW River Fork Solar project in Michigan.
Financing for the construction of the solar park was led by Canadian Imperial Bank of Commerce (CIBC) and also included City National Bank (CNB), National Bank of Canada (NBC), Sumitomo Mitsui Banking Corporation (SMBC) and The Korea Development Bank (KDB). Separately, Bank of America made a commitment for tax equity financing of an undisclosed amount.
Swinerton Renewable Energy will be the engineering, procurement and construction (EPC) contractor for the project, which was developed by Ranger Power and will be realised in Sheridan & Parma Townships.
Upon completion of the plant, it will be operated by SOLV Inc and will sell power from a 100-MW portion of its capacity to Consumers Energy for 20 years, and from 49 MW to DTE Energy for 25 years.