CORRECTION...by D. E. Shaw Renewable Investments, L.L.C.
NEW YORK--(BUSINESS WIRE)--The following release reflects corrections to the first paragraph:
D. E. SHAW RENEWABLE INVESTMENTS ANNOUNCES START OF CONSTRUCTION OF THE GRAY HAWK SOLAR PROJECT
D. E. Shaw Renewable Investments, L.L.C. (DESRI), together with its development partner, Torch Clean Energy, LLC (Torch), announced today the closing of construction financing and start of construction on the Gray Hawk Solar Project (Gray Hawk). Gray Hawk is a 46 MW-ac facility located near the town of Kingman, Arizona. The project is expected to reach commercial operation in Q2 2018.
“We are very excited to add another project to our clean energy portfolio in Arizona,” said Bryan Martin, CEO of DESRI. “We look forward to working with our partners on Gray Hawk to add to the state’s renewables footprint.”
Gray Hawk will produce power for UNS Electric, Inc. (UNS) a subsidiary of UniSource Energy Services (UES) under a 25-year power purchase agreement. The facility is expected to generate roughly 150 million kilowatt hours of power each year—enough clean energy to power approximately 11,000 homes or take almost 22,000 cars off the road, according to metrics provided by the Environmental Protection Agency.
“With this project, the management team at UES continues their national lead in solar while working to reduce emissions and ensure a fixed, low-cost supply of energy for the customers of UES,” said Jonathan Kilberg, President of Torch Clean Energy.
“We expect to surpass the state’s Renewable Energy Standard requirements and our own renewable goals years in advance with Gray Hawk,” said Ted Burhans, Manager of Renewable Energy at UES. “We are pleased to partner with DESRI and Torch on a renewable resource that will help us to provide sustainable, reliable, and affordable service to our customers.”
Financing for the construction of the project was provided by Santander and Siemens Financial Services. In addition, Citi provided a commitment for tax equity financing.
Swinerton Renewable Energy (Swinerton) will serve as the engineering, procurement, and construction contractor. In addition, SOLV, a Swinerton company, will provide ongoing operations and maintenance services to the facility once it’s operational.
"Swinerton and DESRI are united by a common goal to provide a lasting economic stimulus to the communities in which we build," said George Hershman, Senior Vice President and General Manager of Swinerton Renewable Energy. "Our team is proud to partner with DESRI to bring not only clean energy but also jobs to Kingman and the surrounding area."
About D. E. Shaw Renewable Investments, L.L.C.
D. E. Shaw Renewable Investments, L.L.C. (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 28 wind and solar projects that represent more than 1,350 MW of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $43 billion in investment capital as of July 1, 2017, and offices in North America, Europe, and Asia. Please visit www.deshaw.com for more information about the D. E. Shaw group.
About Torch Clean Energy, LLC
Torch Clean Energy is a privately-held renewable energy development company focused on the development and financing of renewable energy facilities in the Southwest United States. To date, Torch Clean Energy has developed over 500 Megawatts (MW) of operating renewable energy projects including the 101 MW Red Horse Facility, one of the largest wind-solar hybrid systems in the United States, located in Cochise County, Arizona.
About Swinerton Renewable Energy
Swinerton Renewable Energy (SRE) offers engineering, procurement, construction, and SOLV® services for solar photovoltaic plants throughout North America to a diverse range of clients. Over 125 years of building landmark projects, Swinerton has forged a reputation for unsurpassed safety, workmanship, on-time delivery, and customer satisfaction. Today, our team takes pride in building cost-effective solar systems that will generate reliable, clean power for many years to come. SRE has delivered over 2.5 GW of solar projects and our SOLV team manages over 4 GW of PV plants. Learn more about Swinerton Renewable Energy at swinertonrenewable.com.
This press release is provided for the reader’s information only and does not constitute investment advice or convey an offer to sell, or the solicitation of an offer to buy, any securities or other financial products.
Please also note that this press release has not been updated since its dateline for any information contained in it that may have changed, including any beliefs and/or opinions. In addition, no assurances can be given that any aims, assumptions, expectations, and/or goals described in this release will be realized or that the activities or any performance described herein did or will continue at all or in the same manner as at the time of the press release.
Please visit www.deshaw.com for current and additional information about the D. E. Shaw group.
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