D. E. Shaw Renewable Investments (DESRI) and Torch Clean Energy (Torch) announced that they have reached financial notice to proceed (FNTP) on the Hunter Solar project (Hunter). Hunter is a 75MWac solar facility located in Arapahoe County, Colorado. Hunter was initially developed by Cypress Creek Renewables, LLC, and acquired in a joint venture between DESRI and Torch.
Hunter has two power purchase agreements, one with CORE Electric Cooperative (CORE) and the other with Holy Cross Energy (HCE), for the full capacity of the project. The facility is expected to generate enough clean energy to power more than 18,500 homes each year, according to metrics provided by the Environmental Protection Agency.
Fifth Third Bank, National Association (Fifth Third) and National Cooperative Services Corporation (CFC) served as coordinating lead arrangers and lenders for the acquisition, construction, and operation of the project.
"We are excited to start construction on DESRI's first solar site in Colorado and support the continued expansion of green energy in the state," said Tom de Swardt, chief commercial officer of DESRI. "We are particularly pleased to grow our relationships with new electric cooperatives, and appreciate the spirit of partnership from CORE and HCE in reaching this milestone, as well as the continued support of Fifth Third and CFC for DESRI's projects."
"Torch is excited to start construction on what we hope to be the first of many solar projects in Colorado, our home state," said Jonathan Kilberg, president of Torch Clean Energy. "We are honored to be playing a role in CORE and HCE achieving their green energy goals."
"CORE Electric Cooperative looks forward to providing additional low-cost renewable energy to its members through the Hunter Solar project," said Pam Feuerstein, CORE chief operating officer. "This sort of arrangement is a win-win for all involved."
"HCE is pleased to be working with DESRI and Torch to bring online the new Hunter Solar project, that supports our journey to 100% clean energy plans," said Bryan Hannegan, president and chief executive officer of HCE. "In addition to our local solar project developments, the location of this project in Arapahoe County provides important solar resource diversity for our mountain towns and communities that are looking to live and work more sustainably."
Primoris will serve as the engineering, procurement, and construction contractor (EPC), while Hunt Electric will serve as EPC contractor for the substation. Solv, Inc. will provide ongoing operations and maintenance services to the facility once operational.
D. E. Shaw Renewable Investments | http://www.desri.com
Torch Clean Energy | http://www.torchcleanenergy.com
CORE | http://www.core.coop
Holy Cross Energy | http://www.holycross.com