Construction has begun on a 79 MW solar plant in the state of Michigan. DE Shaw Renewable Investments (DESRI) has announced that they have broken ground on the solar PV plant after securing both construction debt and tax equity financing for the project. The plant, located in Lennon, has been financed by a syndicate of lenders, including HSBC as coordinating lead arranger and CIBC, National Cooperative Services Corporation, and Trust as joint lead arrangers. PNC Bank provided a commitment for tax equity financing. Assembly Solar 3, the name of the PV plant, is part of the Assembly Solar project, which will total 239MW once completed and is expected to provide low-cost, high-quality power to more than 43,000 Michigan homes a year.
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The projects were developed by Ranger Power, a utility-scale solar developer headquartered in Chicago, in partnership with DESRI, and are being constructed by McCarthy Building Companies. Assembly 1 began operating in December 2020 and Assembly 2 is slated to reach commercial operation in the third quarter of 2021.
Paul Harris, the Ranger Power president said; “DTE is leading Michigan’s transition toward a clean energy future and we’re proud to play a role in helping the state’s largest producer of renewable energy provide solar energy to people across Michigan. In addition, solar energy projects like Assembly Solar create jobs, generate local tax revenue, promote energy independence, and preserve farmland. We look forward to completing this project and developing future projects in Michigan and throughout the Midwest.”
DTE Energy director of renewable energy Dave Harwood said: “DTE Energy plans to add significantly more clean energy to its portfolio over the next 10 years. Adding Assembly Solar will help our company achieve Michigan’s 15% Renewable Portfolio Standard, and we are excited to see the project move into the next phase of the construction process and look forward to its completion.”
