Longroad reaches fin close on 285-MWp solar project in Arizona
The Sun Streams 2 solar park in Arizona. Image by: Longroad Energy.
US-based Longroad Energy Holdings LLC on Wednesday said it has secured all needed funds for its 285-MW DC Sun Streams 3 solar park in Arizona, enabling to enter the construction phase of the project.
The scheme is part of a 900-MW DC portfolio of photovoltaic (PV) projects that Longroad acquired from their original developer First Solar Inc (NASDAQ:FSLR) in February 2021. The bundle includes assets that are already in operation, as well as projects currently under development.
Debt financing for Sun Streams 3 was extended by CIBC, KeyBank, ANZ, Commerzbank, PNC and Silicon Valley Bank. US Bank is providing tax equity.
To be installed in Arizona’s Maricopa County, the solar farm will be equipped with First Solar’s Series 6 modules mounted on Nextracker trackers and is planned to be switched on in 2024. Its output, estimated to be enough to cover the annual electricity consumption of 90,000 homes, will be sold under a long-term power purchase agreement (PPA) with Arizona Public Service (APS).
McCarthy Building Companies will act as engineering, procurement and construction (EPC) contractor.
The solar farm will be coupled with a 215-MW/860-MWh storage facility supplied by US-based Powin LLC.
Sun Streams 3 will become the largest solar-storage site in Longroad’s operational portfolio. In Arizona, the company said it has 4 GW of assets in operation and under development.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.