Longroad Energy closes financing for 331-MW DC solar project in Texas

US renewables developer Longroad Energy Holdings LLC today announced the financial close for the 331-MW DC Prospero 2 solar project in Texas and said that construction work has been initiated.

The USD-320-million (EUR 271m) project will receive a tax equity investment from US Bank and separately get financing from a group of lenders led by CIT Group Inc (NYSE:CIT) as coordinating lead arranger. The latter unveiled that the said group will provide USD 266 million in financing.

The project also benefits from two 15-year power purchase agreements (PPAs) with kidney dialysis services provider DaVita Inc (NYSE:DVA) and a unit of medical device company Zimmer Biomet Holdings Inc (NYSE:ZBH).

The Prospero 2 solar park is being built on more than 2,500 acres in Andrews County, adjacent to Longroad and AIP's 379-MW DC Prospero 1 facility that was switched on recently. The new plant is expected to be completed in the second quarter of next year.

Longroad has selected Swinerton Renewable Energy as the engineering, procurement and construction (EPC) contractor, First Solar Inc (NASDAQ:FSLR) as the supplier of solar panels, Power Electronics as inverter provider and NEXTracker for trackers supply.

(USD 1.0 = EUR 0.847)

Choose your newsletter by Renewables Now. Join for free!