Longroad Energy, a US-based renewable energy developer, has reached financial close for the Sun Streams III project, a 285 MWdc photovoltaic and 215 MWac/860 MWh storage facility located in Maricopa County, Arizona.
The project, which is set to come online in 2024, was financed by a group of banks led by CIBC and Keybank, and also included ANZ, Commerzbank, PNC, and Silicon Valley Bank. KeyBanc Capital Markets and CIBC served as coordinating lead arrangers, while US Bank acted as the project's tax equity investor.
Construction is already underway on the project, which will create over 300 jobs and be the largest solar and storage project in Longroad's portfolio, capable of powering 90,000 homes and offsetting 460,000 tons of carbon emissions annually.
It will be linked to the grid at the Hassayampa switchyard, a major transmission hub in the western US. Longroad Energy acquired the Sun Streams III facility from First Solar, which is also supplying Series 6+ solar modules for the project.
US-based energy storage platform Powin is providing the project's battery energy storage system, while NEXTracker will supply trackers and SunGrow will provide solar inverters.
