Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the financial close and start of construction of its Prospero Solar project in Andrews County, Texas with a total financing package of approximately $416 million. When completed in 2020, Prospero will be one of the largest solar farms in the US, with a nameplate capacity 379 MWdc.
Facebook will be the sole tax equity investor for the project. This will be the social media giant’s first direct investment in a renewable energy project.
Shell Energy North America (SENA) signed a 12-year Power Purchase Agreement for the project's power off-take, which is one of the first off-take agreements of this type in the solar industry.
The Prospero solar farm will cover approximately 4,600 acres and will deliver more than $21 million in property taxes, including more than $12 million to the Andrews ISD. The Project will also create several hundred construction jobs as well as jobs for the operating facility. All told, the Project expects to pay more than $23 million in wages over the project life.
The project 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.
Both Facebook and Shell will share the renewable energy attributes generated by the project's energy production.
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.
