D. E. Shaw Renewable Investments Announces the Start of Construction of Huntington Wind Projects

NEW YORK--()--D. E. Shaw Renewable Investments, L.L.C. (DESRI) and Oregon Windfarms, LLC (OWF) today announced the start of construction 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 OWF. All five projects have signed 20-year qualifying facility power purchase agreements with Idaho Power Company and will use five 2.0 MW wind turbines supplied by General Electric Company.

“This partnership shows our dedication to DESRI, the other equity investors in the projects, and the renewable energy sector as a whole, and we are excited to support these projects through construction and operation for many years to come.”

Senior debt financing for the projects was provided by KeyBank, N.A. and CIT Bank, N.A., alongside a commitment for tax equity financing from U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank. Following the achievement of financial close in mid-November 2015, the projects began construction in late December 2015 and are on track to reach commercial operations in Q4 2016. Site Constructors, Inc. will serve as the engineering, procurement, and construction (EPC) contractor for the projects.

Upon commencement of operations, the Huntington Wind projects are projected to generate enough clean, renewable energy to power over 9,000 households each year, according to metrics from the Environmental Protection Agency.

“We are proud to reach this important milestone for the Huntington Wind projects,” noted Bryan Martin, managing director and Head of U.S. Private Equity at the D. E. Shaw group. “We appreciate the hard work of Idaho Power, OWF, the other equity investors, and our many other partners to bring these projects to financial close.”

Glenn Ikemoto, a member of OWF stated, “After nine years of development, we are grateful for the participation of a company with the capabilities and stature of DESRI in arranging the financing of the Huntington Wind Projects. We look forward to working with them as the projects move forward.”

“We are pleased to have had the opportunity to lead an important renewable energy financing for DESRI and the other equity investors to a successful close,” said Michael MacDonald, Managing Director of CIT Power & Project Finance. “This transaction demonstrates CIT’s ongoing commitment to leading transactions for key clients across the power sector and we look forward to building on this success in 2016 and beyond.”

“We are excited to act as joint lead arranger and joint syndication agent for the Huntington Wind projects,” said Andrew Redinger, managing director and head of KeyBanc Capital Markets’ Utilities, Power and Renewables Group. “This partnership shows our dedication to DESRI, the other equity investors in the projects, and the renewable energy sector as a whole, and we are excited to support these projects through construction and operation for many years to come."

Dan Siegel, vice president of USBCDC, said, “This is the ninth project that U.S. Bank has financed in collaboration with DESRI. We are enthusiastic to continue that strong relationship and the additional clean energy that it brings. We have a strong presence in Oregon and we are delighted to support the Huntington Wind projects along with the well-paying installation and operations jobs that they entail.”

About D. E. Shaw Renewable Investments, L.L.C.

D. E. Shaw Renewable Investments and its affiliates acquire long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with approximately $39 billion in investment capital as of November 1, 2015, and offices in North America, Europe, and Asia.

About Oregon Windfarms, LLC

Oregon Windfarms, LLC is an independent greenfield developer of wind energy projects in Oregon and an affiliate of Energy Vision, LLC. Energy Vision has completed development of over $700 million of projects in the Pacific Northwest over the past eight years.

About CIT

Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

Please visit www.cit.com for more information about CIT.

About KeyBanc Capital Markets, Inc.

KeyBanc Capital Markets provides deep industry expertise and capital markets and advisory solutions to companies in targeted verticals which include Consumer & Retail, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, Diversified Industries, and Technology, through Pacific Crest Securities. With nearly 750 professionals across a national platform, the firm has more than $25 billion of capital committed to clients. Our award winning Equity Research team provides coverage on more than 775 companies. KeyBanc Capital Markets and Pacific Crest Securities are trade names under which corporate and investment banking products and services of KeyCorp (NYSE:KEY) and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association ("KeyBank N.A.") are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.

This press release is provided for the reader’s information only and does not constitute investment advice or convey an offer to sell, or the solicitation of an offer to buy, any securities or other financial products.

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.

Please visit www.deshaw.com for current and additional information about the D. E. Shaw group.

Contacts

Kekst and Company
New York
Anntal Silver, +1-212-521-4849
anntal-silver@kekst.com

D. E. Shaw Renewable Investments, L.L.C.