Longroad starts building 152-MW solar park in Maine
First Solar's Series 6 PV modules. Image by: First Solar.
November 15 (Renewables Now) - US renewables developer Longroad Energy Holdings LLC on Tuesday said it has completed financing and started construction of its 152-MW DC Three Corners solar project, which will become the largest solar facility in Maine when finished in late 2023 or early 2024.
The USD-200-million (EUR 194m) project will sell its entire output to EDF Energy Services under a long-term power purchase agreement (PPA), which, according to the announcement, is the biggest corporate PPA signed so far in the New England power grid. The solar park will supply EDF Energy Services’ corporate customer load in New England.
KeyBank NA and US Bank acted as lenders, US Bank was the sole tax equity investor, while KeyBanc Capital Markets served as coordinating lead arranger. For KeyBanc this is the 39th transaction with Longroad Energy. US Bank previously worked with the developer on four tax equity investments.
The project will feature First Solar modules, Nextracker single axis tracker technology and Power Electronics inverters. Longroad Energy Services will be the asset manager and operator.