D. E. Shaw Renewable Investments (DESRI) announced the financial closing of Assembly Solar III, a 79-MW solar project in Lennon, Michigan. DESRI is moving forward with construction after securing both construction debt and tax equity financing for the project.
The Assembly Solar III project is the third phase of the Assembly Solar project in Michigan to begin construction. The projects were developed by Ranger Power, a utility-scale solar developer headquartered in Chicago, in partnership with DESRI, and are being constructed by McCarthy Building Companies, Inc. Assembly I began operating in December 2020 and Assembly II is slated to reach commercial operation in the third quarter of 2021.
Assembly III signed a long-term power purchase agreement with DTE Electric for the project’s output in the first half of 2020.
“DTE Energy plans to add significantly more clean energy to its portfolio over the next ten years,” said Dave Harwood, director, Renewable Energy for DTE Energy. “Adding Assembly Solar will help our company achieve Michigan’s 15% Renewable Portfolio Standard, and we are excited to see the project move into the next phase of the construction process and look forward to its completion.”
Once completed, the Assembly Solar cluster will total 239 MW.
Financing for the construction and operation of the project was provided by a syndicate of lenders, including HSBC as Coordinating Lead Arranger and CIBC, National Cooperative Services Corporation and Truist as Joint Lead Arrangers. PNC Bank provided a commitment for tax equity financing.
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