Longroad Energy closes financing for 331 MWdc Prospero 2 solar project in Andrews County
Longroad Energy Holdings has closed the financing and started construction of the Prospero 2 Solar Project, a 331 MWdc project located in Texas, USA. Longroad will continue to own the US$320 million project, which is expected to come online in the second quarter of 2021. Longroad will also manage the construction.
Prospero 2 is adjacent to Longroad’s Prospero 1 project, co-owned by Longroad and AIP, which recently declared commercial operation.
The new solar farm will cover more than 2,500 acres in Andrews County. It will deliver more than US$9 million in property taxes, including almost US$6 million to the Andrews ISD. It will also create several hundred construction jobs as well as jobs for the operating facility. Overall, the project expects to pay more than US$10 million in wages over its life.
Prospero 2 has two 15-year power purchase agreements (PPAs), one with DaVita Inc. and another with a subsidiary of Zimmer Biomet Holdings, Inc.
Swinerton Renewable Energy will lead the construction, while First Solar will supply the panels. Power Electronics will provide its Series 6 technology Inverter and the solar trackers will come from NEXTracker.
U.S. Bank is the sole tax equity investor in the project. A total of US$266 million will be financed separately by a CIT-led group of lenders. Zions, Rabobank, HSBC, Commerzbank, Siemens Financial Services, and National Australia Bank also participated in the lending group.
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