D. E. Shaw Renewable Investments (DESRI) in partnership with Ranger Power, a Chicago-based utility-scale solar development company, announced the Assembly II and Assembly III solar projects have reached commercial operation (COD). Assembly Solar II is a 110-MWAC solar facility and Assembly Solar III is a 79-MWAC solar facility, both of which are located in Shiawassee County, Michigan. The Assembly II project reached commercial operation in December 2021, while the Assembly III project reached commercial operation in March 2022.
“We are very pleased to reach COD at Assembly II and III and to continue to invest in cost-effective clean energy in Michigan,” said David Zwillinger, CEO of DESRI. “It was a pleasure to work with all of our business partners including our offtakers, lenders, tax equity investors and development partners at Ranger Power. This marks a tremendous effort in what continues to be a very exciting market.”
Assembly Solar II has two 25-year power purchase agreements (PPAs) for a total of 110-MWAC with Michigan Public Power Agency (MPPA) and its largest member, Lansing Board of Water & Light (BWL). These PPAs are incremental to the two 25-year PPAs for 50-MWAC MPPA and BWL executed with Assembly Solar I that reached COD in 2020.
“It’s important that our solar projects are a win-win for communities, and we’re proud that the Assembly Solar Project will contribute to the economic growth of Shiawassee County and the region,” said Paul Harris, president of Ranger Power. “During the construction phase of Assembly II and III, our partners at McCarthy hired nearly 400 local workers — from entry-level laborers to journeyman electricians and their excellent work on this project will generate clean, renewable energy for decades to come.”
Assembly Solar III has a 25-year PPA with DTE Energy.
“DTE Energy is excited to be part of Assembly Solar,” said Brian Calka, director of renewable solutions for DTE Energy. “We now have more than 50,000 residential customers, 460 business customers and 36 industrial customers enrolled in our MIGreenPower voluntary renewable energy program. Our participation in Assembly Solar will help us meet clean energy commitments from these customers.”
HSBC Bank USA acted as coordinating lead arranger for the construction of Assembly II, and KeyBanc Capital Markets and Siemens Financial Services (Siemens) acted as joint lead arrangers. KeyBank National Association acted as lender for the construction of Assembly II. Tax equity financing was provided by Wells Fargo.
HSBC Bank USA also acted as coordinating lead arranger for the construction of Assembly III, and CIBC acted as joint lead arranger. National Cooperative Services Corporation (NRUCFC) and Truist Bank (Truist) acted as lenders for the construction of Assembly III. Tax equity financing was provided by PNC Bank and a subsidiary of Monarch Private Capital, LLC.
McCarthy Building Companies served as the engineering, procurement, and construction contractor (EPC) for both phases. In addition, Novasource Power Services will provide ongoing operations and maintenance services.
News item from D. E. Shaw Renewable Investments
