D.E. Shaw Renewable Investments (DESRI), a New York-based renewable energy producer, has announced that it has closed on the purchase of the Sigurd Solar project in Sevier County. The firm said it secured both construction debt and tax equity financing to finalize the deal. Sigurd Solar is an 80-megawatt solar facility located just outside the town of Sigurd.
“The COVID-19 crisis made this a particularly challenging environment to close an acquisition, financing and tax equity investment,” said David Zwillinger, CEO of DESRI. “DESRI is pleased to start construction on its fourth utility-scale solar project in Utah and bring high-quality jobs to Sevier County.”
The project commenced construction in late 2019 and is expected to both employ over 300 people and create significant tax revenue for Sevier County over the project life.
“We look forward to having DESRI in our county,” said Commissioner Garth Ogden of Sevier County, “and working with them to establish the renewable energy industry in Sevier County.”
DESRI acquired the project in early 2020 from an affiliate of Oakwood Construction Services, which DESRI has also retained to provide engineering, procurement and construction services. The project is expected to reach commercial operation in the first half of 2021 and will sell energy to PacifiCorp through a 25-year power purchase agreement and support Facebook’s operations in the area with new solar power.
The facility is expected to generate enough clean energy to power approximately 18,500 homes each year, according to metrics provided by the Environmental Protection Agency. In addition, SOLV Inc. will provide ongoing operations and maintenance services to the facility.