A US consortium has announced the closing of the construction financing of a 46 megawatt solar facility in Arizona.
D. E. Shaw Renewable Investments, L.L.C.together with its development partner, Torch Clean Energy, LLC said construction will now proceed on the Gray Hawk Solar Project near the town of Kingman.
It is expected to reach commercial operation in Q2 2018.
“We are very excited to add another project to our clean energy portfolio in Arizona,” said Bryan Martin, chief executive of D. E. Shaw.
“We look forward to working with our partners on Gray Hawk to add to the state’s renewables footprint.”
Gray Hawk will produce power for UNS Electric, Inc. (UNS) a subsidiary of UniSource Energy Services (UES) under a 25-year power purchase agreement.
The facility is expected to generate roughly 150 million kilowatt hours of power each year — enough clean energy to power approximately 11,000 homes or take almost 22,000 cars off the road, according to metrics provided by the US Environmental Protection Agency.
“With this project, the management team at UES continues their national lead in solar while working to reduce emissions and ensure a fixed, low-cost supply of energy for the customers of UES,” said Jonathan Kilberg, president of Torch Clean Energy.
Financing for the construction of the project was provided by Santander and Siemens Financial Services. In addition, Citi provided a commitment for tax equity financing.
Swinerton Renewable Energy (Swinerton) will serve as the engineering, procurement, and construction contractor. In addition, SOLV, a Swinerton company, will provide ongoing operations and maintenance services to the facility once it is operational.