D.E. Shaw Renewable Investments (DESRI) of New York City has acquired the Hunter Solar project in Emery County from power marketing and development company Community Energy of Radnor, Pennsylvania. DESRI also said it has closed on financing and a tax equity commitment for the project.
Hunter Solar is a 100-megawatt project that has a long-term power purchase agreement with PacifiCorp and will provide Facebook’s data centers, including the one under construction in Eagle Mountain, with the renewable energy certificates from the new solar power. Financing for the project was provided by a syndicate of lenders led by investment bank HSBC and the Canadian Imperial Bank of Commerce, while Wells Fargo provided a commitment for tax equity financing.
Swinerton Renewable Energy, a division of San Francisco’s Swinerton Builders, is constructing the project and will 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 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.”
The Hunter project has begun construction and is expected to employ over 300 people during construction and create significant tax revenue to Emery County over the project life.