D. E. Shaw Renewable Investments LLC and Bright Plain Renewable Energy LLC formed a partnership to acquire the 20-MW Fusion Solar Center from Coronal Energy.
The Sprague, Conn.-based project is expected to reach commercial operations in the fourth quarter. The facility is expected to generate approximately 40 million kWh of power annually, which will be sold to Eversource Energy and United Illuminating Co. under two separate 20-year power purchase agreements, according to a Jan. 30 release.
CIT Group Inc. is providing financing for the acquisition and construction of the project. U.S. Bancorp Community Development Corp. is providing the tax equity financing.
DEPCOM Power Inc. will serve as the engineering, procurement, construction contractor and will provide operational and maintenance services for the facility.