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Longroad Energy Partners with Facebook to Complete Financing for 379 MW Prospero Solar in Texas

Power News - Published on Thu, 13 Jun 2019

Image Source: PR Newswire
Longroad Energy, a US based renewable energy developer, owner and operator, announced the financial close and start of construction of its Prospero Solar project in Andrews County, Texas with a total financing package of approximately USD 416 million. When completed in 2020, Prospero will be one of the largest solar farms in the US, with a nameplate capacity 379 MWdc.

Mr Paul Gaynor, CEO of Longroad said that “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. Facebook has been a global leader in the procurement of clean energy, but this will be the company’s first direct investment in a renewable energy project.

Mr Peter Freed, Energy Strategy Manager at Facebook said that “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.”

Mr Freed said that “Facebook is proud to have helped finance a solar project under this innovative offtake arrangement. we hope our participation will help validate the structure and bring many new solar projects to the grid.”

Shell Energy North America signed a 12 year Power Purchase Agreement for the project’s power off-take, which is one of the first off-take agreements of this type in the solar industry.

Source :

Posted By : Rabi Wangkhem on Thu, 13 Jun 2019
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