D. E. Shaw Renewable Investments, in partnership with Bright Plain Renewable Energy, announced the acquisition of the Fusion Solar Center project from Coronal Energy, powered by Panasonic. Fusion Solar Center is a 20-MW facility located in Sprague, Connecticut. The project is expected to reach commercial operation in Q4 2017.
“We are very excited to expand our energy portfolio into Connecticut,” said Bryan Martin, CEO of DESRI. “We acquired the Fusion Solar project with the goal of providing clean and cost-efficient green energy to Connecticut’s residents and businesses, while creating local jobs as we begin construction.”
“This project demonstrates our commitment to developing quality, investment-grade utility-scale solar projects in North America,” said Danny Van Clief, CCO of Coronal Energy. “We’re likewise delighted to be a part of delivering clean, affordable energy in Connecticut, a market where we have succeeded in the past and are committed to for the future as well.”
Fusion Solar Center has 20-year power purchase agreements with two Connecticut utilities: Eversource Energy and The United Illuminating Company. The facility is expected to generate roughly 40 million kWh of power each year—enough clean energy to power approximately 3,000 homes, according to metrics provided by the Environmental Protection Agency.
Financing for the acquisition and construction of the project was provided by CIT, alongside a commitment for tax equity financing from U.S. Bancorp Community Development Corporation (USBCDC). Coronal Energy was advised by the principals of EOS Capital Advisors.
Michael Lorusso, managing director, energy for CIT Corporate Financing, said, “DESRI’s acquisition of the Fusion Solar Center project represents a major investment in clean, renewable energy for Connecticut. We’re pleased to have shared our industry expertise with DESRI as we continue to demonstrate our leadership in financing renewable energy projects and look forward to working with the firm again.”
“Fusion Solar is a welcome addition to our renewable energy portfolio and will further help the U.S. reduce carbon emissions. We appreciate having such a strong partner in DESRI to help make this project happen,” said Dan Siegel, vice president of USBCDC.
DEPCOM Power will serve as the engineering, procurement and construction contractor. In addition, DEPCOM Power will provide ongoing operations and maintenance services to the facility once operational.
News item from DEPCOM Power