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The solar-plus-storage project debt financing was headed by CIBC and Société Générale.
Longroad Energy has reached financial close on its Serrano solar-plus-storage project in Pinal and Pima Counties in Arizona, US.
The project comprises a 220MW solar facility and a 214MW/855MWh battery energy storage system (BESS).
The project is currently under construction and expected to commence commercial operations by mid-2025.
The project’s debt financing was headed by CIBC and Société Générale, with additional support from ANZ, PNC, Commerzbank, and US Bancorp Impact Finance.
Athene Annuity and Life Insurance Company, part of Apollo Global Management, is the tax equity investor for the project, with advisory services being provided by Apterra Infrastructure Capital.
CIBC US project finance and infrastructure head Peter O’Neill stated: “As a strategically important project for the state of Arizona and for Longroad Energy, CIBC is proud to have led this financing for Serrano as co-ordinating lead arranger, green loan coordinator and administrative agent.“Our continued role in supporting Longroad in the build-out of their development pipeline is one example of CIBC’s commitment to the US renewable energy and energy transition space as we work towards enabling a more sustainable and inclusive economy.”
The energy generated by the Serrano project will be supplied to Arizona Public Service under a long-term power purchase agreement.
The project can deliver clean electricity to 61,000 homes in Arizona.
US-based solar manufacturer First Solar was selected to supply the solar modules for the project. Longroad will use thin-film Series 7 modules.
US-based energy storage platform provider Powin will supply the project’s 214MW/855MWh BESS, featuring inverters from SMA and cells from AESC.
These components will be integrated into Powin’s Centipede energy storage Platform. Longroad, alongside Powin and NovaSource Power Services, will manage long-term operations and maintenance for the BESS.
McCarthy Building Companies is responsible for the engineering, procurement and construction of the Serrano project.
Longroad Energy CEO Paul Gaynor stated: “Longroad is pleased that our Serrano project has achieved the milestones of financial closure and commencement of construction.
“We are proud to support American manufacturing and the domestic solar supply chain as we expand our solar footprint in the robust Arizona market, which now surpasses 1.5GW of operating or under construction projects.
“Longroad is grateful to our banking partners, APS, McCarthy and state and county authorities as we move forward to bring this important project to commercial operations.”
In September 2023, First Solar secured a contract from Longroad Energy to supply an additional 2GW of advanced thin-film US solar modules. Under the arrangement, First Solar will deliver the modules between 2027 and 2029. |
