D. E. Shaw Renewable Investments Announces The Completion Of Forbes Street Solar Project
NEW YORK--(BUSINESS WIRE)--
D. E. Shaw Renewable Investments, L.L.C. (DESRI) today announced the completion of the Forbes Street solar project. The 3.7 MW-DC project was developed by an affiliate of Hecate Energy (Hecate) and CME Energy (CME) in East Providence, Rhode Island, and was acquired by an affiliate of DESRI in partnership with Bright Plain Renewable Energy (BPRE) in 2013.
SolBright Renewable Energy (SolBright) served as the engineering, procurement, and construction contractor, and will continue to provide operations and maintenance services to the facility. The project is located on the site of the former Forbes Street municipal landfill, which it leases from the City of East Providence under a long-term lease agreement. The landfill was capped in 2013 after lying dormant for more than three decades. The project is expected to produce approximately 5,000 MWhs of clean energy per year for customers of Narragansett Electric Company, a subsidiary of National Grid.
“The completion of the Forbes Street project is a testament to the strong partnership between DESRI, Hecate, CME, SolBright, BPRE, and the City of East Providence,” said Bryan Martin, managing director and head of U.S. growth and buyout private equity at the D. E. Shaw group. Bill Martin, President of CME, said, “We are excited to have transformed an unproductive landfill into a superb renewable energy facility after years of development.”
According to an analysis by Hecate, the project created 40 construction jobs in Rhode Island and two permanent positions supporting its continued operation. Nick Bullinger, COO of Hecate, said, “Hecate is delighted to see the Forbes Street project to completion, and appreciates the hard work of all our partners in Rhode Island to finalize this project.” Patrick Hassell, Managing Director of SolBright, also said, “SolBright is pleased to have built this project on time and within budget for our partners at DESRI, Hecate, and CME. We look forward to collaborating on other projects to bring more world-class renewable energy to Rhode Island.”
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 $32 billion in investment capital as of April 1, 2014, and offices in North America, Europe, and Asia.
Please visit www.deshaw.com for more information about the D. E. Shaw group.
About Hecate Energy
Hecate Energy is a leading developer, owner, and operator of power plants in North America and internationally. Hecate Energy brings together business acumen, technical understanding, and significant experience in the industry to develop world-class power projects. The Company is currently developing over 20 solar, wind, and natural gas projects in the United States, Jordan, Pakistan and on the continent of Africa.
About CME Energy
CME Energy was founded in 1992 by Bill Martin, a developer with 34 years of independent private power development experience in the US, Europe, Latin America and North Africa. CME is co-developer of the Forbes Street solar project and co-owner of North America Project Development, which is developing an 800 MW gas fired CCGT project in Oregon, Ohio.
About SolBright Renewable Energy
SolBright is a turnkey, design-build contractor of solar photovoltaic and solar thermal projects for the distributed generation and small- and medium-scale utility segments. SolBright serves the commercial, military, and public-private markets with an organizational mission to be recognized as the most dependable partner in the industry. The company’s core competencies include ground mount systems, rooftop systems, surface lot parking canopies, precast/cast in place garage top canopies, and expanded engineering and construction services that enable single point contracting for our clients.
Please visit www.SolBrightRE.com for more information about SolBright.
About Bright Plain Renewable Energy
BPRE was founded in 2011 by industry veterans David Buzby and William Lee as an operating platform 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. Likewise, BPRE’s strategic investors benefit from direct investment in long term assets and stable cash flows.
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