Latest news with #DESRI
Yahoo
06-05-2025
- Business
- Yahoo
DESRI and Ranger Power close finance and commence 290MW solar projects
D E Shaw Renewable Investments (DESRI), a contracted renewable energy assets operator, together with utility-scale clean power development company Ranger Power, has secured financial closure and initiated construction on two 290 megawatts alternating current solar projects in the US state of Michigan: the 150MW Heartwood solar facility in Hillsdale County and the140MW White Tail solar project in Washtenaw County. A consortium of lenders has provided the construction financing for both solar facilities, with Fifth Third Bank and Zions Bancorporation acting as the coordinating lead arrangers. The joint lead arrangers were Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank New York. The Heartwood facility will employ more than 300 individuals at the peak of its construction phase and will begin commercial operations in 2026. It has entered a power purchase agreement (PPA) with Consumers Energy. The White Tail solar project has secured PPAs with the Lansing Board of Water and Light and the Michigan Public Power Agency (MPPA). It is expected to come online before the end of 2025. DESRI chief commercial officer Thomas de Swardt stated: "Heartwood and White Tail mark DESRI's 11th and 12th projects in Michigan, where we have been building since 2019 through our partnership with Ranger Power. "We deeply appreciate the support of our customers at Consumers Energy, Lansing Board of Water and Light and Michigan Public Power Agency, who continue to prioritise cost-effective, in-state generation that can deliver to the grid quickly, enabling new load and economic growth within the state." Primoris Services Corporation's renewable energy division has been appointed as the engineering, procurement and construction (EPC) contractor for the solar arrays. The Consulting Engineers Group (CEG) will undertake EPC responsibilities for high-voltage components. Ranger Power co-founder and president Paul Harris stated: "These projects, which will provide in excess of $62m in property tax payments throughout their lives, will generate low-cost, reliable and domestic energy supporting farming and economic development throughout the region. 'As neighbours, we will continue to look for ways to support the communities our projects call home. We have and will continue to invest in local causes like our contributions to the Hillsdale Community Foundation and partnership to secure an additional $732,950 for Augusta and York townships through Michigan's Renewable Ready Communities Fund." In August 2024, DESRI, in partnership with El Paso Electric, commenced the construction of the 130MWac Carne solar and storage project in Deming, New Mexico, US.
Reuters
10-03-2025
- Business
- Reuters
Swiss solar panel maker Meyer Burger secures increased bridge facility of $72.8 million
March 10 (Reuters) - Meyer Burger (MBTN.S), opens new tab has received increased financing of nearly $32.8 million as part of a bridge facility to stabilize its business, the embattled Swiss solar panel maker said on Monday. The financing is an increase to the nearly $40 million the company had secured in December last year from a group of bondholders, bringing the total funds to $72.8 million. Meyer Burger said that it will have access to $5.6 million of funds immediately and an additional tranche of $7.8 million, based on certain conditions. The company also reached a deal with bondholders to extend the bridge facility beyond March 30, 2025. In November last year, the Swiss firm raised doubts about its future after its largest customer, DESRI (DESR.O), opens new tab, terminated contracts. This followed a series of other setbacks for the company. Meyer Burger previously said it has suffered from market distortion caused by production overcapacity in China and trade restrictions imposed by India and the United States. here.
