D. E. Shaw Renewable Investments and Bright Plain Renewable Energy Announce the Completion of Keystone Solar Financing
Keystone Solar represents an on-going effort by BPRE to enable the success of solar developers by providing knowledgeable, cost-competitive and reliable capital to solar projects at the start of construction.
SAN FRANCISCO--D. E. Shaw Renewable Investments, L.L.C. (DESRI) and Bright Plain Renewable Energy, L.L.C. (BPRE) announced the completed financing of the largest solar power project in Pennsylvania. The 5-megawatt (AC) solar farm was developed by Community Energy Solar in Lancaster County, Pennsylvania, and was acquired by an affiliate of DESRI in partnership with BPRE earlier in 2012.
Exelon Generation (NYSE: EXE), the nation's leading competitive power generator, has contracted the project's electricity output under a long-term power purchase agreement. groSolar, a commercial and utility-scale solar engineering, procurement, and construction firm, acted as the turnkey EPC contractor.
The acquisition was arranged by BPRE and financed with senior debt from KeyBank, N.A.
"Keystone Solar represents an on-going effort by BPRE to enable the success of solar developers by providing knowledgeable, cost-competitive and reliable capital to solar projects at the start of construction," said BPRE CEO David Buzby.
According to estimates by the U.S. Environmental Protection Agency, the project will produce enough renewable power to avoid 5,726 tons of carbon dioxide emissions per year, equivalent to removing over 1,193 cars per year from Pennsylvania's roads.
About Bright Plain Renewable Energy, L.L.C.
BPRE was founded in 2011 by industry veterans David Buzby and William Lee to acquire and manage solar projects across North America. By building lasting relationships with project developers and providing efficient and knowledgeable capital, BPRE is enabling the growth of the solar industry. BPRE's strategic investors benefit from direct investment in long term sustainable assets and stable cash flows. BPRE invests in distributed and utility scale projects supported by PPAs with commercial, industrial, municipal or utility clients.
About D. E. Shaw Renewable Investments, L.L.C.
D. E. Shaw Renewable Investments (DESRI) and its affiliates acquire long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than 1,000 employees, approximately $27 billion in investment capital as of October 1, 2012, and offices in North America, Europe, and Asia.