(Credit score: Longroad Vitality)
Longroad Vitality has introduced the monetary shut of Serrano, its 220 MW photo voltaic and 214 MW storage challenge in Pinal and Pima counties, Ariz., with website business operations anticipated to start subsequent yr.
Serrano is the corporate’s first challenge to make the most of First Photo voltaic’s domestically manufactured Collection 7 panels, with output slated to be bought by Arizona Public Service (APS) by way of a long-term PPA.
“Longroad is happy that our Serrano challenge has achieved the milestones of monetary closure and graduation of building,” says Paul Gaynor, CEO of Longroad Vitality.
“We’re proud to help American manufacturing and the home photo voltaic provide chain as we develop our photo voltaic footprint within the strong Arizona market, which now surpasses 1.5 GW of working or underneath building initiatives. Longroad is grateful to our banking companions, APS, McCarthy and state and county authorities as we transfer ahead to deliver this necessary challenge to business operations.”
McCarthy Constructing Corporations is the challenge’s EPC contractor. Serrano’s BESS will likely be offered by storage platform supplier Powin and can embrace SMA inverters and cells from AESC, to be built-in into Powin’s Modular and Scalable Centipede Vitality Storage Platform. Longroad, together with Powin and NovaSource Energy Providers, will present long-term operations and upkeep companies for the BESS.
Nextracker is supplying trackers for the challenge and Sungrow is supplying the photo voltaic inverters. Complete operations and upkeep companies for the challenge will likely be offered by NovaSource Energy Providers and Longroad affiliate Longroad Vitality Providers.
Debt financing was led by CIBC and Societe Generale and included ANZ, PNC, Commerzbank AG and U.S. Bancorp Affect Finance. CIBC acted as coordinating lead arranger, administrative agent, collateral agent and inexperienced mortgage coordinator. Societe Generale acted as coordinating lead arranger. U.S. Bancorp Affect Finance served as joint lead arranger and depositary financial institution. Athene Annuity and Life Insurance coverage Firm, an affiliate of Apollo International Administration, is the challenge’s tax fairness investor and was suggested by Apterra Infrastructure Capital.
