NEW YORK--(EON: Enhanced Online News)--D. E. Shaw Renewable Investments, L.L.C. (DESRI) today announced that it has acquired the Mississippi Solar 2 project from Origis DevCo Inc. (Origis). The project is a 52 MWAC solar power facility located three miles away from the town of Sumrall in Lamar County, Mississippi. Promptly following the acquisition, DESRI started construction of the project, which it expects to be completed in Q2 2017.
“We are excited to expand our footprint into Mississippi with a groundbreaking project that we expect will provide both jobs and clean energy to the state’s citizens and businesses.”
“We greatly appreciate the effort from all of our partners in helping launch construction on DESRI’s first project in the Southeast,” said Bryan Martin, CEO of DESRI. “We are excited to expand our footprint into Mississippi with a groundbreaking project that we expect will provide both jobs and clean energy to the state’s citizens and businesses.”
“Over more than 25 years, the D. E. Shaw group has built a reputation for investment excellence.” said Guy Vanderhaegen, CEO and President of Origis Energy. “After working to bring this landmark solar facility in Mississippi to this important milestone, we are excited to see the DESRI team complete its development and construction, ensuring its full potential for clean energy generation in the region.”
The project has a 25-year power purchase agreement with Mississippi Power Company (MPC). Mississippi Solar 2 will be among the largest solar projects in the state, and is expected to generate roughly 130 million kilowatt hours of power each year – enough clean energy to power approximately 9,000 homes, according to metrics provided by the Environmental Protection Agency.
“We look forward to working closely with our new partner, DESRI, in the future, and we continue to be excited about the increased amount of renewable energy being placed on the Mississippi Power electric grid," said Mississippi Power Chairman, President, and CEO Anthony Wilson.
Financing for the acquisition and construction of the project was provided by a syndicate of lenders led by Santander Bank, which also included Crédit Agricole Corporate and Investment Bank and Siemens Financial Services, Inc. In addition, Citi provided a commitment for tax equity financing.
"DESRI has closed and financed a remarkable number of renewable energy projects in the last few years and we are glad to continue supporting them in these efforts," said Nuno Andrade, Head of Project and Acquisition Finance for North America in global Corporate Banking at Santander. “We are proud to contribute to the development of clean energy and the creation of jobs in these communities.”
DEPCOM Power, Inc. (DEPCOM) will serve as the engineering, procurement and construction contractor. In addition, DEPCOM will provide ongoing operations and maintenance services to the facility once it is operational. The project will be built with Hanwha Q CELLS solar panels, SMA inverters, and NexTracker single-axis trackers.
“DEPCOM is proud to be part of the solar development and growth happening in Mississippi,” said Jim Lamon, CEO of DEPCOM. “DESRI and Origis are leaders in the utility-scale solar industry, and DEPCOM is excited to join both companies in making a positive impact on the state, the local economy, and the community.”
About D. E. Shaw Renewable Investments, L.L.C.
D. E. Shaw Renewable Investments (DESRI) and its affiliates own and manage long-term contracted renewable energy assets in North America with a portfolio of more than 26 projects totaling approximately 1,300 megawatts of capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $40 billion in investment capital as of October 1, 2016, and offices in North America, Europe, and Asia.
Please visit www.deshaw.com for more information about the D. E. Shaw group.
About DEPCOM Power, Inc.
DEPCOM Power is a partner in utility-scale solar for Project Development Support; Engineering, Procurement & Construction; and Operations and Maintenance services for utilities, independent power producers and project development companies. DEPCOM Power leverages a highly-experienced solar team, technology agnostic Tier 1 solar modules, and cost-effective balance of system components to provide optimum levels of agility, price and quality for utility-scale solar projects.
Please visit www.depcompower.com for more information about DEPCOM Power.
About Origis Energy
Origis Energy is Powering the Solar RevolutionSM with custom clean energy solutions for utility, commercial and public sector clients. The Origis team has worked to ensure the interests of all stakeholders are upheld in more than 100 projects worldwide totaling 600+ megawatts to date of developed solar capacity. With offices in the U.S., Brazil, and Belgium, Origis delivers excellence in solar project development, financing, engineering, procurement and construction (EPC) and operations, maintenance and asset management for investors and clean energy consumers across Europe and the Americas.
Please visit www.origisenergy.com for more information about Origis Energy.
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Please also note that this press release has not been updated since its dateline for any information contained in it that may have changed, including any beliefs and/or opinions. In addition, no assurances can be given that any aims, assumptions, expectations, and/or goals described in this release will be realized or that the activities or any performance described herein did or will continue at all or in the same manner as at the time of the press release.