SAN FRANCISCO--(BUSINESS WIRE)--D. E. Shaw Renewable Investments, L.L.C. (DESRI) and Bright Plain Renewable Energy, L.L.C. (BPRE) today announced the completion of construction of two solar power projects in Lake County, Indiana. Both 2.7 MW DC projects were originally developed by Community Energy Solar (CES) on land owned by Buckeye Partners, and were acquired by an affiliate of DESRI in partnership with BPRE in March 2013.
Northern Indiana Public Service Company (NIPSCO) (NYSE: NI) has contracted the project’s electricity output under a long-term renewable power purchase agreement. groSolar, a commercial and utility-scale solar engineering, procurement, and construction firm, acted as the turnkey EPC contractor. The projects started construction in March of this year and reached commercial operations in August.
According to Community Energy Solar President, Eric Blank, “The Lake County Solar projects show the possibilities of redeveloping underutilized industrial land and transforming them into energy producing solar facilities. We greatly appreciate the leadership and vision of Buckeye Partners and NIPSCO as well as the strength of the DESRI, BPRE, and groSolar team in making this project happen.”
“Lake County 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 President William Lee.
Based on emissions estimates by the U.S. Environmental Protection Agency, these projects will produce enough renewable power to avoid 4,744 metric tons of carbon dioxide emissions each year, equivalent to removing over 14,820 cars from Indiana’s roads over the 15-year term of the power purchase agreement.
About Bright Plain Renewable Energy, LLC
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. 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 $31 billion in investment capital as of October 1, 2013, and offices in North America, Europe, and Asia.