The transaction also includes potential for 1 to 2GWh of battery storage
US-based renewable energy developer Longroad Energy has agreed to acquire solar projects with a total capacity of 900MW from First Solar.
Along with the three projects that include Sun Streams 2, 4, and 5, the transaction also includes potential for 1 to 2GWh of battery storage.
The solar capacity of the projects includes Sun Streams 2 with around 200MW, Sun Streams 4 with 200MW, Sun Streams 5 with nearly 500MW.
Longroad has closed the acquisition of Sun Streams 2, while the completion of the acquisition of Sun Streams 4 and 5 is subject to regulatory approvals and customary closing conditions.
Longroad Energy CEO Paul Gaynor said: “Arizona is an important location for Longroad as we seek to bring competitive renewable projects to power buyers in the Western US. The Sun Streams complex is ideally positioned.
“It is adjacent to one of the most significant power hubs in the desert Southwest and California, the solar resource is excellent, and we have multiple transmission options with direct access to CAISO and the Southwest markets.
“We also have the ability to include a significant amount of energy storage capacity to make the assets even more competitive. We look forward to bringing the rest of the Sun Streams complex to fruition.”
Longroad intends to power its Sun Streams portfolio with First Solar’s solar technology and has executed purchase agreements for 900MW of Series 6 modules.
Sun Streams 2 is currently being built by McCarthy Building and is expected to be operational in June 2021.
Development projects Sun Streams 4 and 5 are planned become operational in 2022 and 2024, respectively.
The projects are currently not contracted and are expected to accommodate a variety of offtake structures, with or without storage, said the company.
Longroad Energy owns 1.6GW of operational and under construction wind and solar projects across the US.