D.E. Shaw lines up financing for 149 MW Michigan solar project

The River Fork solar project has a 20-year PPA for 100 MW with Consumers Energy and a 25-year PPA for 49 MW with DTE Energy.

October 20, 2021 David Wagman

Michigan's Mackinac Straits Bridge

Image: Mackinac Bridge Authority

D. E. Shaw Renewable Investments closed debt and tax equity financing for the 149 MW River Fork Solar project, which was developed by Ranger Power in Michigan.

River Fork has a 20-year power purchase agreement for 100 MW with Consumers Energy and a 25-year power purchase agreement for 49 MW with DTE Energy, both investor-owned utilities. A document from the Michigan Public Service Commission said that Consumers Energy would buy the energy for $44.16/MWh.

Construction financing was led by Canadian Imperial Bank of Commerce and included four other lenders: City National Bank, National Bank of Canada, Sumitomo Mitsui Banking Corp., and The Korea Development Bank, along with a commitment for tax equity financing from Bank of America.

Swinerton Renewable Energy will serve as the engineering, procurement, and construction contractor. In addition, SOLV Inc. will provide operations and maintenance services once the facility enters service.

River Fork Solar sits on about 1,800 acres and includes more than a half million solar modules equipped with single axis tracker systems.

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