KeyBanc finances acquisiton of two solar projects in Indiana
Written By: Tracy Dawson Roses
May 21, 2015
On May 21, KeyBanc Capital Markets Utility, Power & Renewable Energy Group financed the acquisition by D. E. Shaw Renewable Investments, L.L.C. and Bright Plain Renewable Energy of two solar projects with a combined capacity of 7.1 MW-DC located in Indianapolis, Indiana. KeyBank National Association also provided financing for the construction and operation of the projects.
Developed by Community Energy, Inc. (CEI), the sites are located on industrial property owned by Citizens Energy Group including a former monofill landfill. The projects are expected to produce more than 9,000 MWhs of clean energy per year for customers of Indianapolis Power & Light Company, part of the AES Corporation.
“[D.E. Shaw Renewable Investments] is excited to expand our footprint in Indiana,” said Bryan Martin, managing director and head of U.S. Private Equity at the D. E. Shaw group. “We have successfully completed projects on other closed landfills and are looking forward to transforming the Marion site into a world class renewable energy facility for the residents and businesses of Indianapolis.”
“We are very pleased to have played a leading role in the financing of the Marion site transformation,” said Aaron Klein, vice president, KeyBanc Capital Markets Utility, Power & Renewable Energy Group. “The financing of this type of project demonstrates our commitment to sustainability and renewable projects with solid fundamentals