The Prospero 2 solar project in Texas is supported by two 15-year PPAs
Longroad Energy, an American renewable energy developer, has announced financial close and started construction on the 331MW Prospero 2 Solar Project in Andrews County, Texas.
Being built at a cost of $320m, the solar project is expected to begin operations in the second quarter of next year.
The solar plant will cover an area of more than 2,500 acres and when it begins operations, it is expected to deliver over $9m in property taxes.
It will be located next to the company’s Prospero 1 project, co-owned by Longroad AIP, that had recently began operations.
Longroad Energy will now have over 2GW in renewable energy portfolio
With the Prospero 2 solar project, Longroad will now have more than 2GW in wind and solar projects developed, financed and built in the state of Texas.
Longroad Energy chief financial officer Peter Keel said: “We are pleased to bring Prospero 2 to financial close and to commence construction. It’s always tough finalizing deals, but even more so in today’s challenging market.
“We want to commend our lead lending and tax equity partners, US Bank and CIT Group, for being especially constructive and supportive throughout the process.”
The solar project is supported by two 15-year power purchase agreements (PPAs), one with DaVita and another with a subsidiary of Zimmer Biomet Holdings.
DaVita real estate and center development vice president Peter Berkowitz said: “DaVita is committed to using 100% renewable energy and our PPA with Longroad’s Prospero 2 project will help make this happen.
“Our previous PPA with Longroad helped us reach the halfway mark on our goal, and we expect that Prospero 2’s completion will carry us across the finish line.”
The engineering, procurement and construction (EPC) contract has been awarded to Swinerton Renewable Energy.
The PV panels for the project are being supplied by First Solar, with NEXTracker supplying the solar trackers. Inverters for the project are being supplied by Power Electronics.