DESRI, an owner and operator of renewable energy projects in North America, in partnership with Ranger Power, a utility-scale clean power development company, announced the financial closure for the construction and development of the 150 MWac Heartwood solar project in Hillsdale County and the 140 MWac White Tail solar project in Washtenaw County, Michigan.
A consortium of lenders comprising Fifth Third Bank, Zions Bancorporation, Bank of America, Commerzbank, and Sumitomo Mitsui Trust Bank, New York Branch, provided the financing for the construction of the projects.
Primoris Services Corporation’s Renewable Energy business serves as the engineering, procurement, and construction contractor for these projects.
In addition, Consumers Energy has signed a power purchase agreement for the Heartwood project, which is scheduled to reach commercial operation in 2026. Meanwhile, the White Tail project has power purchase agreements with the Lansing Board of Water and Light and Michigan Public Power Agency. The commercial operation of the White Tail project is expected to begin before the end of 2025.
“These projects, which will provide in excess of $62 million in property tax payments throughout their lives, will generate low-cost, reliable, and domestic energy, supporting farming and economic development throughout the region. As neighbors, we will continue to look for ways to support the communities our projects call home. We have and will continue to invest in local causes like our contributions to the Hillsdale Community Foundation and partnership to secure an additional $732,950 for Augusta and York Townships through Michigan’s Renewable Ready Communities Fund,” said Paul Harris, Co-Founder & President of Ranger Power.
In February, DESRI, in partnership with Ranger Power, announced the financial close for the 250 MWac Show Me State Solar project in Callaway County, Missouri.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Earlier this week, Cypress Creek Renewables, a developer of solar and energy storage projects, closed $150 million in financing to support the development and construction of the 104 MW Ostrea solar project in Yakima County, Washington.
