Funds managed by Harbert Infrastructure, including Harbert Infrastructure Fund VI and Gulf Pacific Power LLC, have formed a strategic financing relationship with D.E. Shaw Renewable Investments (DESRI).
Harbert is set to provide the D.E. Shaw unit with up to $400 million of capital to use at the renewable investments manager’s discretion. Officials said that the financing will support D.E. Shaw Renewable Investments operations across the renewable energy sector in the U.S.
“DESRI is extremely excited about our recently-formed financing partnership with Harbert to continue to support our consistent growth,” said David Zwillinger of DESRI. “This financing will support DESRI’s growth in key electricity markets across the U.S. and facilitate new investment to serve our customers and host communities.”
The renewables portfolio of $60 billion D.E. Shaw has projects totaling over 6 gigawatts of operating, construction and contracted projects. Earlier this year, DESRI partnered with Range Power, a Chicago-based utility-scale solar development company and the largest independent solar developer in Michigan.
“We have known and collaborated with the DESRI team for several years, in multiple capacities,” said Claude Estes of Harbert. “They have a decades-long track record of performance in developing, owning and operating contracted renewable energy projects. Massive growth in renewable generation capacity is required to facilitate the energy transition and DESRI’s disciplined, consistent and strategic approach to development is something that our group has immense respect for.”
With $8 billion in assets under management, Harbert has developed, acquired, owned and operated infrastructure assets in the U.S. and Canada for over 35 years and currently manages investments in power generation assets totaling over 7.0 GWac of gross capacity.
