Longroad Energy Partners, Facebook complete financing for 379 MWdc Prospero solar project in US
Longroad Energy has announced the financial close and start of construction of its Prospero Solar project in Andrews County, Texas with a total financing package of approximately US$416 million. When completed in 2020, Prospero will be one of the largest solar farms in the U.S., with a nameplate capacity of 379 MWdc.
Facebook will be the sole tax equity investor for the project.
Shell Energy North America (SENA) signed a 12-year Power Purchase Agreement for the project's power off-take.
The Prospero solar farm will cover approximately 4,600 acres in Andrews County, Texas. It will deploy First Solar panels, TMEIC inverters, and NEXTracker tracking systems. Swinerton Renewable Energy will be the EPC contractor for the project and the interconnection will be through Sharyland Utilities.
CIT Bank, N.A. is the Coordinating Lead Arranger, Administrative Agent and Collateral Agent on the project's construction and term financing. Silicon Valley Bank and Zion's Bancorporation N.A. are Joint Lead Arrangers, while National Australia Bank Ltd., Landesbank Hessen-Thüringen Girozentrale (Helaba), Rabobank and Commerzbank are also participating banks in the deal.
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