NEW YORK, September 20, 2021 / PRNewswire / – DE Shaw Renewable Investments (DESRI) today announced the completion of the acquisition and debt financing of the Arroyo Solar and Storage (Arroyo) project. Arroyo is a 300 MWTHAT solar and 150 MWTHATInstallation of battery energy storage system / 600 MWh which is under development in McKinley County, New Mexico. The first phase of the project should start to operate in June 2022, with full commercial operation slated for fall 2022. Arroyo is DESRI’s first solar project with co-located battery storage to go into construction and financing, and once operational it will be one of the largest solar and battery projects in the United States. DESRI acquired the project from the original developer, Centaurus Renewable Energy.
Arroyo has two direct debit contracts with the utility company of New Mexico (PNM) for solar generation and storage respectively. The facility is expected to generate enough clean energy to power approximately 83,500 homes each year, according to measurements provided by the Environmental Protection Agency.
“DESRI is proud to partner with PNM to provide clean energy to its customers,” said David Zwillinger, Managing Director of DESRI. “The integration of battery storage into solar projects has the potential to change the landscape of the renewable energy industry in the future, and we are delighted to offer storage capacity to PNM as part of the Arroyo project. . “
“As PNM continues on its road to 100% carbon-free electricity, we look forward to the first of large-scale batteries and associated solar power to come to our system,” said Tom fallgren, vice-president of the PNM generation. “This project demonstrates from New Mexico leadership across the country in reducing our carbon footprint. “
Financing for the acquisition and construction of the project was led by Nord / LB and included four additional co-arrangers: MUFG Union Bank, NA, Sumitomo Mitsui Banking Corporation (SMBC), National Bank of Canada (NBC) and Societe Generale.
“DESRI is delighted to bring more clean energy to New Mexico,” noted Tom de swardt, commercial director of DESRI. “We especially appreciate the hard work and commitment of the five banks funding the project despite the continuing challenges of COVID-19. “
“NORD / LB is very pleased to have supported DESRI and led Arroyo’s debt financing. The project is NORD / LB’s first solar and battery storage project funding in the United States and builds on our track record after 20 years of consistent lending. to the North American electricity, renewable energy and infrastructure market, ”said Andre Vernon, principal director of Nord / LB. “The high quality features of the project, its counterparts and the sponsorship of DESRI have been key elements for NORD / LB as we expand into large scale battery storage. “
Sundt Construction Inc. will build the solar installation, which will use Nextracker trackers. ICE from Billing, MT is responsible for the design of the substation and the switching station which will be built by its subsidiary EPC Services Company. Tesla will supply and commission Megapacks for the installation, and New Mexicobased at Affordable Solar Installation, Inc. will build the Battery Energy Storage System (BESS). In addition, SOLV, Inc. and Tesla 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 $ 55 billion in investment and committed capital from June 1, 2021, and offices at 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. In addition, no guarantee can be given that the goals, assumptions, expectations and / or objectives described in this press release will be achieved or that the activities or performances 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