Financial close achieved for 149 MW Solar project in USA

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Financial close achieved for 149 MW Solar project in USA

D. E. Shaw Renewable Investments (DESRI) has announced the closing of debt and tax equity financing for the River Fork Solar project. River Fork is a 149 MWac solar facility developed by Ranger Power and is located in Sheridan & Parma Townships, Michigan.

River Fork has a 20-year power purchase agreement for 100 MWac with Consumers Energy. The facility is expected to generate enough clean energy to power approximately 30,000 homes each year, according to metrics provided by the Environmental Protection Agency.

Financing for the construction of the project was led by the Canadian Imperial Bank of Commerce (CIBC) and included four additional lenders: City National Bank (CNB), National Bank of Canada (NBC), Sumitomo Mitsui Banking Corporation (SMBC), and The Korea Development Bank (KDB), alongside a commitment for tax equity financing from Bank of America.

Swinerton Renewable Energy will serve as the engineering, procurement, and construction contractor. In addition, SOLV, Inc. will provide ongoing operations and maintenance services to the facility once operational.

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