D. E. Shaw Renewable Investments (DESRI), together with its development partner, Torch Clean Energy (Torch), has announced the closing of construction financing and start of construction on the Gray Hawk Solar Project (Gray Hawk). Gray Hawk is a 46 MW-ac facility located near the town of Kingman, Arizona. The project 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, CEO of DESRI. “We look forward to working with our partners on Gray Hawk to add to the state’s renewables footprint.”
The Gray Hawk Solar Project 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 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.
“We expect to surpass the state’s Renewable Energy Standard requirements and our own renewable goals years in advance with Gray Hawk,” said Ted Burhans, Manager of Renewable Energy at UES. “We are pleased to partner with DESRI and Torch on a renewable resource that will help us to provide sustainable, reliable, and affordable service to our customers.”
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’s operational.
“Swinerton and DESRI are united by a common goal to provide a lasting economic stimulus to the communities in which we build,” said George Hershman, Senior Vice President and General Manager of Swinerton Renewable Energy. “Our team is proud to partner with DESRI to bring not only clean energy but also jobs to Kingman and the surrounding area.”
Image credit: By SSRR2030 – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=27485376