The company secured debt facilities from Zions Capital Markets, which served as a coordinating lead arranger and administrative agent, Silicon Valley Bank as a coordinating lead arranger, and Rabobank as joint lead arranger
US-based renewable energy company Longroad Energy has closed financing and started construction at 202MWdc (150MWac) Umbriel solar PV project in Polk County, Texas, US.
Umbriel facility marks the company’s sixth greenfield renewable energy project in Texas to reach financial close and its first project in Texas’ MISO footprint.
Longroad secured debt facilities from Zions Capital Markets, which served as a coordinating lead arranger and administrative agent.
The company also received financing from Silicon Valley Bank, which served as a coordinating lead arranger, and Rabobank as joint lead arranger.
Umbriel solar project is expected to reach commercial operations by the end of this year.
Longroad Energy origination and development operations VP Adam Horwitz said: “Texas continues to be an attractive market for solar development, and we are pleased to achieve financial close and begin construction on Umbriel.
“Umbriel’s closing marks over 1.7 GW of total wind and solar projects developed, financed, and built in Texas by the Longroad team. Thank you to our many project participants and partners who made reaching this important milestone possible.”
McCarthy Building Companies will carry out the construction, while First Solar will supply locally produced Series 6/6+ solar modules, Power Electronics will provide PV inverters, and Trackers from Nextracker.
NovaSource and the company’s affiliate Longroad Energy Services will provide operations and maintenance services for the solar facility.
Umbriel project is expected to create around 300 jobs during construction.
It will generate adequate electricity to power more than 30,000 homes, and eliminate about 250,000 metric tons of CO2 emissions annually.
Texas-based electric power generation and distribution company Entergy Texas (ETI) will buy the project’s total output, under a long-term Power Purchase Agreement (PPA).
Furthermore, the solar project is anticipated to generate more than $9m for the Livingston Independent School District (LISD), and above $4m in tax revenue to Polk County.
Entergy Texas resource planning and market operations director Abigail Weaver said: “Umbriel Solar marks a major milestone, as it will be our first solar resource to come online, further diversifying our portfolio.
“Our communities are increasingly asking for clean-energy offerings, and this facility will provide affordable, reliable and sustainable energy for years to come.”
Zions Capital Markets power and project finance head Robert Park said: “We are pleased to have taken a leadership role in the financing for this important solar project. This continues the longstanding relationship between Longroad and Zions.”