Longroad Energy, an U.S.-based renewables developer and operator, announced the successful financial close of its largest project to date, Sun Streams 4, a significant renewable energy venture set to introduce 377 megawatts-peak (MWp) of solar power combined with 300 MW/1,200 megawatt-hours (MWh) of battery energy storage in Maricopa County, Arizona.
The debt financing for this ambitious project was led by CIBC and involved an array of lenders, including ANZ, PNC, BNP Paribas, Commerzbank AG, CoBank, U.S. Bancorp Impact Finance, National Australia Bank, and Societe Generale. Although the exact size of the financing facility remains undisclosed, it represents a substantial investment in the future of renewable energy.
Longroad Energy's acquisition of Sun Streams 4 was part of a broader package deal, encompassing two additional Sun Streams projects in Arizona, initiated in early 2021 and purchased from First Solar Inc (NASDAQ:FSLR). First Solar will supply the project with its advanced Series 6 Plus solar panels.
The engineering, procurement, and construction (EPC) contract for the Sun Streams 4 project was awarded to McCarthy Building Companies, a prominent construction firm. Nextracker Inc (NASDAQ:NXT) will provide the tracking systems for the solar arrays, while China's Sungrow will deliver the solar inverters.
For the crucial battery energy storage component, Longroad has partnered with U.S.-based energy storage provider Powin LLC. The battery system will incorporate SMA inverters and cells from AESC, which will be seamlessly integrated into Powin's Modular and Scalable Centipede Energy Storage Platform.
In addition to the development and construction phases, Longroad, in collaboration with Powin and NovaSource Power Services, will offer long-term operations and maintenance services, ensuring the facility's continued efficiency and reliability.
Sun Streams 4, the solar-plus-storage facility, is scheduled to commence commercial operations by mid-2025 and will play a vital role in generating electricity for Arizona Public Service under a long-term power purchase agreement (PPA). This landmark project represents a significant step toward meeting renewable energy goals in the region.