DESRI secures US$400m capital finance to pursue US renewables pipeline

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DESRI’s Alta Luna PV project in Texas. Image: DESRI.

D.E. Shaw Renewables Investments (DESRI) has secured up to US$400 million in new capital finance to support its US renewables strategy.

The independent power producer has turned to funds managed by asset management group Harbert Infrastructure for the finance, including Gulf Pacific Power and Harbert Infrastructure Fund VI, with all financing to be used at DESRI’s discretion.

DESRI currently has a portfolio of renewable assets totalling 6GW, comprising projects at the operational, under construction and contracted stages of development.

Harbert meanwhile is no stranger to power generation, having investments in power assets totalling 7GWac of generation capacity.

David Zwillinger, managing director at DESRI, said: “This financing will support DESRI’s growth in key electricity markets across the US and facilitate new investment to serve our customers and host communities.”

The funding comes less than six months after DESRI confirmed its intent to raise up to US$100 million through an initial public offering, however no further information relating to the IPO has since been released and it is unclear whether it is still DESRI’s intent to list.

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