Longroad Energy said that it has achieved the financial close and has started construction of the 331MW Prospero 2 Solar Project in Andrews County, Texas.

CIT Group’s power and energy business was the coordinating lead arranger on the $266 million financing for the solar power project. It led a consortium of six other bank lenders, which includes Zions, HSBC, Rabobank, Commerzbank, National Australia Bank, and Siemens Financial Services, in arranging financing for the Texan solar plant.

Longroad Energy announced that U.S. Bank is the sole tax equity investor in the solar project.

Mike Lorusso – managing director and group head of CIT Group Power and Energy unit said: “We are proud to extend our collaboration with Longroad by leading the Prospero 2 solar financing.

“Longroad continues to be at the forefront of this major energy transition and CIT is pleased to have played a role in supporting them as well as the ongoing development of renewable power nationwide.”

Longroad Energy said that it will continue to own the $320 million solar power project, which is anticipated to be commissioned in Q2 2021.

The US renewable energy developer will also manage the construction of the solar plant, which will be located near the company’s operational 379MW Prospero 1 project, which is co-owned with AIP.

Peter Keel – Chief Financial Officer of Longroad Energy 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.”

Longroad Energy said that the financial closing of the Prospero 2 Solar Project marks more than 2GW of wind and solar projects developed, financed, and constructed in the state of Texas by the company.

The solar power project is underpinned by a couple of 15-year power purchase agreements (PPAs). One of those with US healthcare company DaVita, while the other is with a subsidiary of medical device company Zimmer Biomet.

Swinerton Renewable Energy holds the EPC contract for the Prospero 2 Solar Project, which will be supplied with solar panels powered by Series 6 technology by First Solar. Power Electronics will supply inverter for the Texan solar plant while NEXTracker will supply the solar trackers.

  Andrews County, CIT Group, Longroad Energy, Mike Lorusso, Peter Keel, Prospero 2 Solar Project, Solar industry news, Texas, USA