D. E. Shaw Renewable Investments and EPE Announce Carne Solar and Storage Groundbreaking in New Mexico

NEW YORK, Aug. 19, 2024 /PRNewswire/ -- D. E. Shaw Renewable Investments ("DESRI"), in partnership with El Paso Electric ("EPE"), today announced the start of construction of the Carne Solar and Storage project ("Carne" or the "Project"). Carne is a 130 MWac solar and 260 MWh storage facility located in Deming, New Mexico, and is DESRI's second solar facility in Luna County following the Alta Luna project, which began operations in 2017. The Project will provide clean, reliable power to the Southwest and will bring EPE closer to its 80% clean energy goal by 2035 and 100% by 2045.

"DESRI is pleased to continue our investment in the energy transition in New Mexico with our fourth utility scale renewable energy facility in the state, and to build on our long-standing relationship with EPE," said Hy Martin, Chief Development Officer of DESRI. "Carne will provide reliable, cost-effective clean power to EPE, as well as transmission grid support with the planned large battery storage facility. In addition, the Project will support the local community with economic development opportunities for years to come. We are grateful for the support of EPE, Luna County, SOLV Energy, and other stakeholders in the Project."

Carne has a 20-year power purchase agreement with EPE and is expected to begin commercial operations in 2025. The Project is anticipated to generate enough clean energy to power approximately 37,600 homes each year, according to metrics provided by the Environmental Protection Agency. Galehead Development and Lacuna Sustainable Investments were involved in the initial development of the Project.

"EPE is excited to join DESRI in bringing this latest renewable generation addition to New Mexico, and to continue to build upon our great working relationship.  The Carne facility is dedicated 100% to serving our New Mexico customers and will be a critical resource in enabling EPE to meet the needs of customer demand and requirements of New Mexico's Renewable Portfolio Standard goals," said James Schichtl, Vice President of Regulatory Operations and Resource Strategy at EPE. "The battery storage component of the new facility will be the largest serving EPE customers and provide much needed capacity and reliability for our New Mexico customers.  EPE looks forward to the successful completion of the Carne project and to future renewable projects with DESRI in New Mexico."

SOLV Energy will serve as the engineering, procurement, and construction contractor and will also provide ongoing operations and maintenance services to the Project once operational.

"In addition to supporting EPE's clean energy goals, Carne will create more than 300 construction jobs and provide the local workforce with on-the-job skills training and career development opportunities," said SOLV Energy CEO, George Hershman. "SOLV Energy and DESRI have partnered on nearly four gigawatts of renewable capacity across the U.S. We're pleased to continue working together to deliver the benefits of clean energy to New Mexico as the EPC and O&M provider on Carne."

About D. E. Shaw Renewable Investments

D. E. Shaw Renewable Investments (DESRI) and its affiliates develop, acquire, own, and operate long-term contracted renewable energy assets in the U.S. DESRI's portfolio of contracted, operating, and in-construction renewable energy projects currently includes 69 solar and wind projects representing more than eight gigawatts of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $60 billion in investment and committed capital as of June 1, 2024, and offices in North America, Europe, and Asia.

This press release is provided for the reader's information only and does not constitute investment advice or convey an offer to sell, or the solicitation of an offer to buy, any securities or other financial products.

Please also note that this press release has not been updated since its dateline for any information contained in it that may have changed, including any beliefs and/or opinions. In addition, no assurances can be given that any aims, assumptions, expectations, and/or goals described in this release will be realized or that the activities or any performance described herein did or will continue at all or in the same manner as at the time of the press release.

Contact:
DESRI Media
[email protected]

SOURCE D.E. Shaw Renewable Investments