Two DESRI Solar Initiatives in Illinois Attain Business Operations

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Prairie State Solar

D. E. Shaw Renewable Investments’ (DESRI) Prairie State Solar and Dressor Plains Solar tasks have reached industrial operation, and closed debt and tax fairness financing.

Prairie and Dressor will each make the most of time period debt from the U.S. Department of Agriculture’s Rural Utility Service (RUS). They are every 99 MW AC solar services, with Prairie positioned in Perry County, Ill., and Dressor positioned in Fayette County, Ill.

Both tasks had been developed in partnership with Ranger Power, a Chicago-based utility-scale solar improvement firm.

Prairie and Dressor each have long-term power buy agreements with Wabash Valley Power Alliance (WVPA). The services are every anticipated to generate sufficient clear energy to power roughly 21,000 houses per yr, in line with metrics supplied by the Environmental Protection Agency. The tasks additionally each have contracts for buy of renewable energy certificates with the Illinois Power Agency (IPA), and had been among the first solar tasks to execute these contracts, Prairie in 2017 and Dressor in 2018.

“We are delighted to have completed the RUS financing process for the Prairie and Dressor projects in Illinois: a true team effort,” says Aileen Kenney, govt director of improvement and venture administration for DESRI. “Our team is grateful for the hard work from the RUS team, our development partner Ranger Power, WVPA, and IPA for making new renewable energy and local investment available for Illinois customers and businesses.”

In addition to the time period mortgage from RUS, financing for the acquisition and development of the tasks was supplied by a syndicate of lenders together with Canadian Imperial Bank of Commerce, CoBank, Sumitomo Mitsui Banking Corp., PNC Capital Markets LLC, PNC Bank, National Association and National Cooperative Services Corp. Tax fairness financing has been supplied by Bank of America.

SOLV Energy served because the engineering, procurement and development contractor. In addition, SOLV Energy will present ongoing operations and upkeep companies to the power as soon as operational.

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