US-based renewables developer Longroad Energy said on Tuesday it had reached financial close for its 150-MW/202-MWp solar project in Texas and started construction of the plant.
The Umbriel Solar project will benefit from debt facilities provided by Zions Capital Markets, serving as a coordinating lead arranger and administrative agent, Silicon Valley Bank as a coordinating lead arranger, and Rabobank as joint lead arranger. Longroad separately arranged tax equity for the project, it said.
Financial details were not disclosed.
The solar farm will be located in Polk County. It is Longoad’s first project within grid operator MISO’s footprint in Texas, the developer said.
McCarthy Building Companies is in charge of the project construction. Umbriel Solar will carry US-made Series 6/6+ modules supplied by First Solar, PV inverters by Power Electronics and trackers delivered by Nextracker.
NovaSource and Longroad’s affiliate Longroad Energy Services will be responsible for operation and maintenance.
Umbriel Solar is expected to reach commercial operations by the end of 2023. The plant will produce electricity for power distribution firm Entergy Texas Inc, which has procured its entire output via a long-term power purchase agreement (PPA), Longroad said.
“Texas continues to be an attractive market for solar development, and we are pleased to achieve financial close and begin construction on Umbriel,” said Adam Horwitz, VP of Origination and Development Operations at Longroad Energy. “Umbriel’s closing marks over 1.7 GW of total wind and solar projects developed, financed, and built in Texas by the Longroad team.”
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