D.E. Shaw Renewable Investments (DESRI) reports that it has broken ground at the site of the 71 MW Red Horse 2 wind and solar project, located in Cochise County, Ariz.
According to DESRI, Swinerton Renewable Energy is designing and constructing the project, which will combine Vestas V110 wind turbines with Jinko solar PV panels and advanced energy inverters. Swinerton will also provide ongoing operations and maintenance services. Tucson Electric Power has agreed to buy the project's power over 20 years.
DESRI provided development funding for the project in December 2013 and jointly completed its development over the subsequent eight months. DESRI then acquired the project in August 2014 with senior debt from Santander Bank NA and Banco de Sabadell SA, alongside a commitment for tax equity financing from U.S. Bank.
‘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,’ says 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.’
For further information on how wind and solar energy can co-exist, visit the Hybrid Energy Innovations event website here.