D.E. Shaw Renewable Investments (DESRI) is part of a global investment and technology development firm. The investment was structured as a disproportionate-allocation flip partnership in which Bank of America holds the tax equity interest and DESRI holds the sponsor equity interest. The partnership financed North Star Solar, a 100 MW utility scale solar facility in Minnesota. The project achieved commercial operation December 2016 and captures the sun’s energy using over 400,000 PV modules. All of the electricity generated is being purchased pursuant to a long term power purchase agreement. The power generation from the project was enough for approximately 20,000 local homes in its first year of operation.
Estimated annual environmental benefits:
- Global warming metric tons CO2e avoided: 26,000
- Water use avoided (thousands of gallons): 523,000
- Waste avoided (metric tons): 53