DESRI and Ranger Power Announce Close of Financing and Start of Construction for 290MWac of Projects in Michigan

NEW YORK, April 29, 2025 /PRNewswire/ -- DESRI, in partnership with Ranger Power, today announced that the Heartwood and White Tail Solar projects achieved financial close with their project lenders and initiated construction. Heartwood Solar (Heartwood) is a 150-megawatt (MWac) solar facility in Hillsdale County, MI. White Tail Solar (White Tail) is a 140 MWac solar facility in Washtenaw County, MI.

"Heartwood and White Tail mark DESRI's eleventh and twelfth projects in Michigan, where we have been building since 2019 through our partnership with Ranger Power," said Thomas de Swardt, Chief Commercial Officer of DESRI. "We deeply appreciate the support of our customers at Consumers Energy, Lansing Board of Water & Light and Michigan Public Power Agency (MPPA), who continue to prioritize cost-effective, in-state generation that can deliver to the grid quickly, enabling new load and economic growth within the state."

Heartwood has a power purchase agreement with Consumers Energy and is expected to employ upwards of 300 individuals during peak construction. Heartwood is expected to begin commercial operations in 2026. White Tail has power purchase agreements with the Lansing Board of Water and Light and MPPA. White Tail is expected to begin commercial operations before year-end 2025.

"Heartwood and White Tail represent years of community outreach and partnership we are thrilled to see come together," said Paul Harris, Co-Founder & President of Ranger Power. "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 the Michigan's Renewable Ready Communities Fund."

"Consumers Energy has some of the most ambitious energy infrastructure plans in the nation," said Sri Maddipati, Vice President of Electric Supply of Consumers Energy. "Achieving them means not only developing projects ourselves, but working alongside trusted organizations like Ranger Power to meet our needs. We look forward to the completion of this project, and the ongoing partnership between our two companies."

"MPPA continues to find unique opportunities to expand our Member renewable power supply portfolios. We appreciate DESRI and Ranger Power partnering with public power in Michigan to execute on these opportunities," noted Patrick Bowland, CEO & General Manager of MPPA.

Financing for the construction of the projects was provided by a consortium of lenders including Fifth Third Bank and Zions Bancorporation as Coordinating Lead Arrangers, and Bank of America, Commerzbank and SUMITOMO MITSUI TRUST BANK, LIMITED, New York Branch as Joint Lead Arrangers.

"Fifth Third Bank is proud to support DESRI in the financing of the Heartwood and White Tail solar projects," said Jon Stark, Head of Renewables at Fifth Third Bank. "Supporting premier platforms like DESRI squarely fits our future growth, and we look forward to growing our partnership with DESRI as they continue to execute on their high-quality U.S. renewables pipeline."

"We are very pleased to have supported DESRI and Ranger Power," said Robert Park, Head of Power & Project Finance at Zions Bancorporation. "We are grateful to have been entrusted with leading the project financing, and this represents another example of Zions' experience in taking lead roles in the renewable energy financing sector."

Primoris Services Corporation's Renewable Energy business serves as the engineering, procurement, and construction (EPC) contractor for the solar arrays. The Consulting Engineers Group (CEG) will serve as the EPC for high voltage.

About DESRI
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 70 solar and wind projects representing more than nine gigawatts of aggregate capacity.

About Ranger Power
Ranger Power is a utility-scale clean power development company focused on bringing well-sited, community-supported, and cost-effective energy throughout the United States. Ranger Power has a development portfolio of approximately 13 GW of active projects and has moved over 1.5 GW of projects into construction and operation in partnership with DESRI.

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:
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SOURCE DESRI