D. E. Shaw Renewable Investments (DESRI), in collaboration with Ranger Power, a Chicago-based utility-scale solar development company and the largest independent solar developer in Michigan, announced today that the Assembly II and Assembly III solar projects are now operational (COD).
Assembly Solar II is a 110 MWac solar facility, and Assembly Solar III is a 79 MWac solar facility, both of which are located in Shiawassee County, Michigan.
The Assembly II project went into commercial operation in December 2021, while the Assembly III project went into commercial operation in March 2022.
“We are very pleased to reach COD at Assembly II and III and to continue to invest in cost-effective clean energy in Michigan,” said David Zwillinger, chief executive officer of DESRI.
“It was a pleasure to work with all of our business partners, including Ranger Power’s off-takers, lenders, tax equity investors, and development partners. This is a tremendous effort in what is still a very exciting market.”
“DESRI is thrilled to see Assembly II and III come online; these two solar projects have brought new construction jobs to Shiawassee County and have marked important contributions to DESRI’s portfolio in Michigan,” said Chris Clevenger, chief operating officer of DESRI.
“We appreciate the efforts of McCarthy and our other contracting partners for a smooth construction process.”
Assembly Solar II has two 25-year power purchase agreements (PPAs) for a total of 110 MWac with the Michigan Public Power Agency (MPPA) and its largest member, Lansing Board of Water & Light (BWL).
These PPAs are in addition to the two 25-year PPAs for 50 MWac MPPA and BWL executed with Assembly Solar I, which reached COD in 2020.
According to EPA estimates, Assembly Solar II will generate enough clean energy to power approximately 22,500 homes per year.
“It’s important that our solar projects are a win-win for communities, and we’re proud that the Assembly Solar Project will contribute to the economic growth of Shiawassee County and the region,” said Paul Harris, president of Ranger Power.
“During the construction phase of Assembly II and III, our partners at McCarthy hired nearly 400 local workers – from entry-level laborers to journeyman electricians and their excellent work on this project will generate clean, renewable energy for decades to come.”
“The BWL is committed to being the cleanest utility in the State of Michigan by continuing to grow our renewable portfolio and invest in cleaner energy options,” said Dick Peffley, general manager of Lansing Board of Water & Light.
“This project allows us to continue providing our customers the clean energy they demand.”
“Public Power is thrilled to make this commitment to the residents and businesses we serve throughout the state of Michigan,” said Patrick Bowland, president, and CEO of Michigan Public Power Agency.
DTE Energy has a 25-year power purchase agreement with Assembly Solar III. According to the Environmental Protection Agency’s metrics, the facility is expected to generate enough clean energy to power approximately 15,800 homes each year.
“DTE Energy is excited to be part of Assembly Solar,” said Brian Calka, DTE Energy’s director of renewable solutions.
“We now have over 50,000 residential customers, 460 business customers, and 36 industrial customers enrolled in our MIGreenPower voluntary renewable energy program.
Our participation in Assembly Solar will help us meet these customers’ clean energy commitments.”
For the construction of Assembly II, HSBC Bank USA served as the coordinating lead arranger, with KeyBanc Capital Markets and Siemens Financial Services (Siemens serving as joint lead arrangers.
The construction of Assembly II was financed by KeyBank National Association. Wells Fargo provided the tax equity financing.
HSBC Bank USA also served as the coordinating lead arranger for the construction of Assembly III, while CIBC served as the joint lead arranger.
The National Cooperative Services Corporation (NRUCFC) and Truist Bank (Truist) acted as lenders for Assembly III’s construction. PNC Bank and a Monarch Private Capital, LLC subsidiary provided tax equity financing.
McCarthy Building Companies was the engineering, procurement, and construction contractor (EPC) for both phases. In addition, Novasource Power Services will provide ongoing operations and maintenance services.
Ranger Power has successfully permitted over 2,000 MW of projects across the Midwest. Ranger expects nearly 1 GW of projects developed by the company to be in commercial operation by the end of 2023.
Ranger Power takes a community-first approach, focusing on community engagement, transparency, and responsible solar development.
