DE Shaw fully commissions 239 MW Assembly Solar cluster in Michigan

D. E. Shaw Renewable Investments (DESRI) in partnership with Ranger Power have reached commercial operation (COD) of its Assembly II and Assembly III solar projects in the USA. 

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. Assembly Solar II has two 25-year power purchase agreements (PPAs) for a total of 110 MWac with the Michigan Public Power Agency (MPPA) and its largest member, the 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. Assembly Solar II is expected to generate enough clean energy to power approximately 22,500 homes each year, according to metrics provided by the Environmental Protection Agency.

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 a 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. 

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.