D. E. Shaw Renewable Investments LLC (DESRI) has broken ground at the site of the Red Horse 2 wind and solar project in Cochise County, Arizona. Torch Renewable Energy (TRE) began developing the 71-MW project in 2011 and secured a 20-year power purchase agreement (PPA) with Tucson Electric Power (TEP).
“Red Horse 2 is one of the first combined wind and solar projects in the U.S., and we are proud to add it to the DESRI portfolio,” said Bryan Martin, a managing director and head of U.S. Private Equity for the D. E. Shaw group. “We are happy to report that we’ve broken ground on the construction site and we are looking forward to completing and operating this project, so we can begin providing solar and wind energy to Arizona’s residents and businesses.”
DESRI provided development funding to the project, and jointly completed its development with TRE. DESRI acquired the project in August 2014 with senior debt from Santander Bank, N.A. and Banco de Sabadell S.A., alongside tax equity financing from U.S. Bank.
Swinerton Renewable Energy is designing and constructing the project, which will feature Vestas V110 wind turbines with Jinko Solar PV panels and Advanced Energy inverters. Swinerton will also provide operations and maintenance services to the facility once completed.
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