Titan Solar project located in Imperial County, CA.
US renewables developer Longroad Energy Holdings LLC on Monday said it has acquired the 98-MW direct current (DC) Titan solar park in Imperial County, California from Sunpin Holdings LLC.
In commercial operation since December 2020, the installation is generating enough power for more than 30,000 customers in Southern California. It is situated in the Imperial Irrigation District (IID) territory and sells electricity into the California Independent System Operator (CAISO) through firm transmission from IID, Longroad, which is owned by the NZ Super Fund, Infratil Ltd, MEAG and Longroad Energy Partners LLC, explained.
The deal marks Longroad’s first acquisition after the company secured a USD-500-million (EUR 472m) equity investment in the summer to support its transition from a "develop to sell" business model to a strategy that focuses on asset ownership.
"Titan is an attractive project as it allows Longroad to expand our footprint in the important CAISO market, while offering an opportunity to optimize value with our operations and development expertise," commented Charles Spiliotis, Longroad Energy's chief investment officer.
Including Titan, Longroad has about 340 MW DC of operating solar assets in California.
Great Bay Renewables made a royalty investment in the Titan solar project concurrent with the acquisition closing.