D. E. Shaw Renewable Investments Announces Start of Construction of the Gray Hawk Solar Project
Written By: Stratton Report
October 12, 2017
D. E. Shaw Renewable Investments, L.L.C. announced the achievement of financial close for a portfolio of five wind farms known as the Huntington Wind projects. The projects are located 30 miles northwest of Ontario in Baker County, Oregon, and consist of five independent 10.0 MW wind facilities developed by Oregon Windfarms, LLC. All five projects signed 20-year qualifying facility power purchase agreements with Idaho Power Company and would use five 2.0 MW wind turbines supplied by General Electric Company.
“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 revealed they would produce power for UNS Electric, Inc. a subsidiary of UniSource Energy Services under a 25-year power purchase agreement. The facility expects 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 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.”