D.E. Shaw lines up financing for solar and energy storage project

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D. E. Shaw Renewable Investments said it closed its acquisition of and debt financing for the Arroyo Solar and Storage project.

Arroyo is a 300 MW solar and 150 MW/600 MWh battery energy storage system facility that is being developed in McKinley County, New Mexico near Gallup.

The first phase of the project is expected to enter service in June 2022, with full commercial operation anticipated for fall 2022. D.E. Shaw acquired the project from the original developer, Centaurus Renewable Energy.

Arroyo has two offtake contracts with Public Service Company of New Mexico for the solar and storage output.

Financing for the project acquisition and construction was led by Nord/LB and included four other joint lead arrangers: MUFG Union Bank, N.A., Sumitomo Mitsui Banking Corp., National Bank of Canada, and Societe Generale.

Sundt Construction will build the solar facility, which will use Nextracker trackers. ECI of Billings, Montana, is providing the design for the substation and switchyard that will be built by its subsidiary, EPC Services. Tesla will supply and commission Megapacks for the facility, and New Mexico-based Affordable Solar Installation will construct the battery energy storage system. In addition, SOLV, Inc. and Tesla will provide ongoing operations and maintenance services to the facility once operational.

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