DE Shaw Renewable puts 2 Illinois solar projects in service

D.E. Shaw Renewable Investments has reached commercial operations and completed debt and tax equity financing on two 99-MWac solar projects in Illinois.

The Prairie State Solar Project and Dressor Plains Solar Plant were developed in partnership with Chicago-based utility-scale solar developer Ranger Power. SOLV Energy served as the engineering, procurement and construction contractor and will provide ongoing operations and maintenance services to the facilities, according to a May 11 news release.

Wabash Valley Power Alliance agreed to purchase power from the two projects under a long-term contract. Illinois Power Agency will also purchase the associated renewable energy certificates under separate contracts.

The Prairie and Dressor projects will use term debt from the U.S. Department of Agriculture's Rural Utility Service. DESRI also secured acquisition and construction financing for the projects from a syndicate of lenders including Canadian Imperial Bank of Commerce, CoBank, Sumitomo Mitsui Banking Corp., PNC Capital Markets LLC, PNC Bank National Association and National Cooperative Services Corp. Bank of America provided tax equity financing.

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