US-based renewable energy developer, owner and operator Longroad Energy has reached a financial close and started construction on the Prospero Solar project in Andrews County, Texas.
When completed in 2020, Prospero will be one of the largest solar farms in the US, boasting an installed generation capacity of 379MW. The total financing package for the site is approximately US$416 million.
Paul Gaynor, CEO of Longroad, said: “From our community stakeholders, to our suppliers, energy off-takers and investors, it takes a lot of hard work and cooperation to complete a project of this magnitude. We are extremely lucky to have had such great partners and are proud to bring this much needed clean energy to the market.”
Facebook will be the sole tax equity investor for the project, with Prospero Solar standing as the company’s first direct investment in a renewable energy installation.
Peter Freed, energy strategy manager at Facebook, added: “Facebook is excited to be one of the first companies to use a direct investment to meet our renewable energy goals. We hope such investments can be a new avenue of meaningfully engaging with projects, which might be easier for some companies than a long-term power purchase agreement, thereby unlocking new options for more organizations to meet their goals and grow the market.”
Shell Energy North America (SENA) signed a 12-year PPA to take in the energy generated by the project, which will span over 1,860 hectares of land once it is completed in Andrews County, Texas. The site will utilise 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.