D. E. Shaw Renewable Investments Acquires Utah Solar Project from Community Energy and Closes on Financing
BOULDER, Colo. – June 2, 2020 – D. E. Shaw Renewable Investments (DESRI) today announced it has acquired the Hunter Solar project in Emery County, Utah from Community Energy. DESRI also closed on financing and a tax equity commitment for the project.
Hunter Solar is a 100 MW AC project that has a long-term PPA with PacifiCorp and will provide Facebook’s data center operations with the renewable energy certificates from the new solar power. Financing for the project was provided by a syndicate of lenders led by HSBC as Coordinating Lead Arranger and CIBC as Joint Lead Arranger, while Wells Fargo provided a commitment for tax equity financing. Swinerton Renewable Energy, a division of Swinerton Builders, will construct the project and provide operations and maintenance services following its commercial operations date.
“DESRI is very pleased to close its fifth transaction with Community Energy,” said Bryan Martin, Executive Chairman of DESRI. “We are very excited to be able to work with Community Energy, Facebook, and PacifiCorp to expand our solar presence in Utah.”
“Community Energy is inspired by the partnership and leadership of DESRI, Facebook, PacifiCorp and Emery County in making the 100 MW Hunter project a reality,” said Emily Burks, Executive Vice President and General Counsel of Community Energy. “This project illustrates the strong commitment that DESRI, Facebook and PacifiCorp have to bringing cost effective, renewable energy to the Utah grid. The Hunter project takes us all one step closer to bringing America towards a carbon-free energy future.”
“Construction on Hunter Solar provides an employment opportunity for hundreds of workers during a period marked by downturn and layoffs in many other industries,” said George Hershman, President of Swinerton Renewable Energy. “Solar projects like Hunter are helping keep Americans working safely and the economy moving forward.”
The project has moved into construction. It is expected to employ over 300 people during construction and create significant tax revenue to Emery County over the project life.
D. E. Shaw Renewable Investments (DESRI) and its affiliates acquire, own, and manage long-term contracted renewable energy assets in North America. DESRI’s portfolio of renewable energy projects currently includes 40 wind and solar projects that represent more than 1,900 MW of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $50 billion in investment and committed capital as of April 1, 2020, and offices in North America, Europe, and Asia.
About Community Energy
Community Energy has developed and financed 2,000 MW of renewable energy power projects across the country, including 1,300 MW of solar power. Community Energy combines power marketing and development expertise to build renewable generation projects economically and at scale and has been a leading renewable energy developer for more than 20 years, developing many of the first and largest wind and solar projects in the United States. Community Energy is headquartered in Radnor, Pennsylvania with offices in Boulder, Colorado, and Chapel Hill, North Carolina. For more information about Community Energy, please visit https://www.communityenergyinc.com/