Latest news with #DESRI
Yahoo
15-07-2025
- Business
- Yahoo
Construction begins on New Mexico's Santa Teresa solar and storage project
The Santa Teresa solar and storage project in Doña Ana County, New Mexico, has entered the construction stage. The project is being developed by DE Shaw Renewable Investments (DESRI), in collaboration with El Paso Electric (EPE). This renewable energy initiative includes a 150MW solar facility coupled with a substantial 600 megawatt-hour (MWh) battery energy storage system (BESS). The project is DESRI's second venture within EPE's service area to break ground, following the Carne project which began its construction phase in 2024. With an established 20-year power purchase agreement (PPA) with EPE, Santa Teresa will deliver clean electricity sufficient to meet the annual needs of 60,000 homes served by EPE. DESRI chief development officer Hy Martin stated: "The Santa Teresa project is a cornerstone of DESRI's growing partnership with El Paso Electric and a prominent example of how cost-effective solar and storage assets can power New Mexico's future. "The project not only contributes to regional grid stability via large-scale energy storage, but it also underscores our shared commitment to clean energy and economic development in Doña Ana County and across the state." Financing for this development was secured through contributions from several financial institutions, including DNB Bank ASA's New York branch and National Bank of Canada as joint coordinating lead arrangers. Additional support came from Sumitomo Mitsui Trust Bank Limited New York branch, and Korea Development Bank. Deutsche Bank Trust Company Americas will oversee administrative aspects as part of its role. El Paso Electric system planning and operations support vice-president Dave Hawkins stated: "This project is about more than adding solar power - it's about delivering lasting value to the communities and businesses we serve. "By providing clean energy and added capacity to the entire region, we're strengthening reliability, supporting sustainability and investing in future economic development growth." For technical components such as battery systems and software management tools, LG Energy Solution Vertech will be supplying US-manufactured BESS units along with their AEROS software suite under a long-term service arrangement. SOLV Energy has been contracted not only for engineering, procurement and construction responsibilities but also for future operations and maintenance services once operational status is achieved. In May, DESRI, in collaboration with Ranger Power, achieved financial closure and commenced the construction of two solar projects with a combined capacity of 290MW alternating current in Michigan. These projects include the 150MW Heartwood solar facility in Hillsdale County and the 140MW White Tail solar project in Washtenaw County. "Construction begins on New Mexico's Santa Teresa solar and storage project" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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.
