Renewable energy producer D. E. Shaw Renewable Investments (DESRI) has secured financing for the Sigurd Solar project in Utah.
Construction on the 80MW Sigurd Solar project in underway and the commercial operations at the facility are expected to begin in the first half of 2021.
DESRI, a member of the D. E. Shaw group, has secured construction debt and tax equity financing for the solar facility, which is located just outside the town of Sigurd in Sevier County, Utah.
HSBC, Societe Generale, and City National Bank are among the syndicate of lenders that are offering construction and term loan financing for the project.
“The COVID-19 crisis made this a particularly challenging environment to close an acquisition, financing, and tax equity investment,” said David Zwillinger, CEO of DESRI.
Sigurd Solar project was acquired by DESRI in early 2020
The Sigurd Solar project was acquired by DESRI in early 2020 from an affiliate of Oakwood Construction Services.
Oakwood Construction Services was retained to deliver engineering, procurement, and construction services for the project.
SOLV has been contracted to offer ongoing operations and maintenance services to the solar facility.
Apart from creating more than 300 jobs, the solar project will make a significant contribution to Sevier County’s tax revenue over the life of the project.
It will support Facebook’s operations
Under a 25-year power purchase agreement, the solar power project will sell energy to PacifiCorp.
It will also support Facebook’s operations in the area.
According to metrics provided by the Environmental Protection Agency, Sigurd Solar will have enough clean energy generation capacity to power approximately 18,500 homes each year.
Currently, DESRI’s portfolio of renewable energy projects comprises 42 wind and solar projects that represent a combined capacity of over 2.4GW.