DESRI closes financing of 80 MW Sigurd Solar project in Sevier County

D. E. Shaw Renewable Investments (DESRI) has announced the financial closing of the Sigurd Solar project, securing both construction debt and tax equity financing. Sigurd Solar is an 80 megawatt solar facility located just outside the town of Sigurd in Sevier County, Utah.

The project commenced construction in late 2019, and is expected to both employ over 300 people and create significant tax revenue for Sevier County over the project life.

DESRI acquired the project in early 2020 from an affiliate of Oakwood Construction Services, which DESRI has also retained to provide engineering, procurement, and construction services. The project is expected to reach commercial operation in the first half of 2021, and will sell energy to PacifiCorp through a 25-year power purchase agreement and support Facebook's operations in the area with new solar power.

The facility is expected to generate enough clean energy to power approximately 18,500 homes each year. In addition, SOLV, Inc. will provide ongoing operations and maintenance services to the facility.

A syndicate of lenders including HSBC, Societe Generale, and City National Bank are providing construction and term loan financing, alongside a commitment for tax equity financing from M&T.