D. E. Shaw starts construction on 200-MW solar + storage project

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DE Shaw Renewable Investments (DESRI) announced that the San Juan 1 project has achieved financial close with the project financier and has begun construction. San Juan 1 is 200-MWAlternating current Solar power and 100MWAlternating current A battery storage facility adjacent to the former San Juan Power Plant in San Juan County, New Mexico. The project is a significant capacity replacement for the decommissioned San Juan Power Station in 2022 and will use the existing infrastructure of the decommissioned power station to interconnect to the grid. San Juan 1 is the first phase of a large-scale project expected to generate 400 MW.Alternating current Once fully developed and built, they can supply clean power to the grid.

“DESRI is excited to announce the start of construction on San Juan 1. As a capacity replacement for retired coal generators, this project will enable New Mexico to build a state-of-the-art, cost-effective, renewable It’s an important part of the energy transition,”storage,” said Thomas de Swardt, DESRI’s Chief Commercial Officer.

San Juan 1 is DESRI’s third project in New Mexico and the first in San Juan County. The project has a 20-year power purchase agreement with the New Mexico Public Service Corporation (PNM), which will provide meaningful renewable energy to its customers while also making all its electricity generation zero-emissions by 2040. promote the efforts of It is expected to generate enough clean energy to power approximately 52,400 homes each year, according to indicators provided by the Environmental Protection Agency. The project is expected to begin operations in mid-2024. Photosol USA originally developed the project and in 2022 he sold it to DESRI.

Funding for project construction was provided by lead arranger Societe Generale (SG) and a consortium of financial institutions including Zions Capital Markets, Huntington National Bank, Commerzbank and SuMi Trust.

SOLV Energy will act as the engineering, procurement and construction contractor for the photovoltaic and battery components, while EPC Services Company will build the power grid and project substation. In addition, SOLV Energy will provide ongoing operations and maintenance services to the facility once it is operational.

“As New Mexico energy companies continue to invest in solar and storage resources, communities in the state will benefit from lower energy costs, increased job opportunities and increased tax revenues. said George Hirschman, CEO of SOLV Energy. “We are proud to partner with DESRI to bring better energy to San Juan County.”

News article from DE Shaw Renewable Investments

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