DE Shaw Renewable Investments closed acquisition and debt financing of Arroyo Solar and Storage Project in New Mexico

D. E. Shaw Renewable Investments (DESRI) has closed the acquisition and debt financing for the Arroyo Solar and Storage (Arroyo) project in the State of New Mexico, USA.

Arroyo project is a 300 MWacsolar and 150 MWac/600 MWh battery energy storage system facility developed in McKinley County. The first phase of the project is expected to commence operations in June 2022, with full commercial operation planned for autumn 2022. The solar-plus-storage plant has two offtake contracts with Public Service Company of New Mexico (PNM) for the solar and storage output. It is expected to generate enough clean energy to power approximately 83,500 homes each year. 

DESRI has acquired the project from Centaurus Renewable Energy. Financing for the acquisition and construction of the facilicy was led by Nord/LB and included four additional joint lead arrangers: MUFG Union Bank, N.A., Sumitomo Mitsui Banking Corporation (SMBC), National Bank of Canada (NBC), and Societe Generale.

Sundt Construction Inc. will construct the solar facility, which will use Nextracker trackers. Tesla will supply and commission Megapacks for the facility, and Affordable Solar Installation, Inc. will construct the battery energy storage system (BESS). In addition, SOLV, Inc., and Tesla will provide ongoing operations and maintenance services to the facility once operational.