Deutsche Bank is supporting the Arroyo Solar Storage project, a solar-plus-battery facility being developed by DE Shaw Renewable Investments (DESRI) that, upon completion, is expected to become one of the most extensive integrated solar/storage facilities in North America.

The project will allow for 300MW of solar generation and 150MWh of battery storage and will call McKinley County, New Mexico home. In addition to providing 83,500 homes a year with clean energy, it will also support Public Service Company New Mexico's (PNM) goal of 100% emission-free electricity generation by 2040. NordLB and MUFG arranged the project's US$865m syndicated financing, split between five lenders.

NordLB, MUFG, SMBC, National Bank of Canada, and Société Générale were all represented in the transaction, and Deutsche Bank was critical to the financing as it provided a one-stop-shop for the clients' diverse needs. Deutsche Bank acted as Administrative Agent, Collateral Agent, and Account Bank on the deal.

"DESRI is proud to partner with PNM to provide clean energy to their customers," said David Zwillinger, Chief Executive Officer of DESRI, according to a press release the company published in September 2021. "Incorporating battery storage in solar projects has the potential to change the landscape of the renewable energy industry going forward, and we're excited to offer storage capabilities to PNM as part of the Arroyo project." ¹

DESRI has invested in more than 60 renewable energy projects since 2010 and has built three successful renewable energy companies. The group has an extensive track record in developing solar and wind projects.

Sources

¹ See https://prn.to/3w8rWZt at prnewswire.com