DESRI, a renewable energy project developer, in partnership with Ranger Power, a utility-scale clean power development company, announced the financial close for the 250 MWac Show Me State Solar project in Callaway County, Missouri.
The company did not disclose the financial details of the transaction and announced the start of the project’s construction. The project is expected to reach commercial operations in 2026 and has a power purchase agreement with an affiliate of Meta.
The financing was provided by a consortium of lenders, including Canadian Imperial Bank of Commerce, Nord/LB, Royal Bank of Canada, and Bank of America. Canadian Imperial Bank of Commerce was the lead arranger for the financing round.
According to DESRI, the Show Me State Solar project is the company’s third project in Missouri to start construction.
“Ranger Power is proud to play a role in bringing this significant level of investment to Callaway County,” said Adam Cohen, Co-Founder and Chief Executive Officer of Ranger Power. “A nearly $500 million venture, this forward-thinking partnership advancing Meta’s role as a technology leader will benefit the local community and citizens of the Show Me State for decades to come with locally harvested and cost-effective power.”
“We are excited to see the Show Me State solar project in Missouri soon kicking off construction,” said Urvi Parekh, Head of Global Energy at Meta. “This project is an important part of our broader work to continue matching our electricity with 100% renewable energy – including our data center infrastructure in Kansas City.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Last month, Greenbacker, an independent power producer and energy transition-focused investment manager, secured $950 million in aggregate financing for the 674 MWdc/500 MWac Cider solar project in Genesee County, New York.
