#United States #Show Me State #DESRI #Ranger Power #Callaway County

DESRI and Ranger Power Announce Major Solar Project

DESRI, alongside Ranger Power, has reached a significant milestone with the successful financial closing and commencement of construction for the Show Me State Solar Project. This impressive solar facility, boasting a capacity of 250 megawatts (MWac), is located in Callaway County, Missouri. This project is particularly important for both companies, marking the third solar initiative that DESRI has launched in Missouri.

According to Thomas de Swardt, Chief Commercial Officer of DESRI, this development not only reflects the collaborative effort of the stakeholders involved but also underscores the commitment of DESRI and Ranger Power to expand renewable energy solutions in the region. "Starting construction at Show Me State Solar is an exciting milestone for DESRI as well as our partners at Ranger Power," he stated, acknowledging the critical role played by Meta and other supporters in getting the project off the ground.

The Show Me State Solar Project is set to make substantial contributions to the local economy by creating approximately 300 jobs at its peak construction phase. Furthermore, it has secured a power purchase agreement with an affiliate of Meta. This partnership not only enhances the sustainability goals of Meta but also signifies a forward-thinking approach to energy consumption.

Ranger Power's Co-Founder and CEO, Adam Cohen, expressed pride in spearheading such a significant investment in Callaway County. With an estimated cost of nearly $500 million, this venture is designed to yield a long-term impact, delivering locally produced and cost-effective energy to the residents of Missouri.

The financing process for this ambitious project has engaged a consortium of lenders, led by Canadian Imperial Bank of Commerce (CIBC), in collaboration with Nord/LB, Royal Bank of Canada, and Bank of America. Their roles are crucial in ensuring the project's financial stability and supporting the joint vision of a greener economy. Peter O'Neill, Head of U.S. Project Finance and Infrastructure at CIBC, noted, "CIBC is pleased to serve as Co-Coordinating Lead Arranger and Administrative Agent in the Show Me State financing, highlighting our strong and trusted relationship with DESRI and our shared commitment to sustainable energy."

Furthermore, Meta's involvement is a testament to the tech giant's determination to achieve 100% renewable energy for its operations. Urvi Parekh, Head of Global Energy at Meta, stated, "We are excited to see the Show Me State solar project in Missouri soon kicking off construction," highlighting the project's significance in their overall strategy for sustainability, particularly for their data center infrastructure in Kansas City.

Overall, the Show Me State Solar Project symbolizes a step forward in renewable energy initiatives, combining innovation, community support, and economic growth. With its expected operational launch in 2026, this solar endeavor sets the stage for a more sustainable and energy-efficient future in Missouri- a beacon of hope for renewable projects across the nation.

About the Organizations

DESRI

DESRI is dedicated to the development, acquisition, ownership, and operation of long-term contracted renewable energy assets across the United States. Currently, its portfolio includes 70 solar and wind projects that collectively represent over nine gigawatts of capacity.

Ranger Power

Ranger Power specializes in utility-scale clean energy development, striving to provide well-sited, community-supported, and cost-effective energy solutions throughout the United States. Their active development portfolio encompasses approximately 13 gigawatts of projects, having transitioned over 1.5 gigawatts into construction and operation with support from partners like DESRI.

This project isn't just a financial transaction; it's a commitment to sustainable energy, local job creation, and a step toward a greener future for the Show Me State and beyond.