02 Jul Longroad Energy Announces Sale, Financial Closing, and Start of Construction of the Phoebe Solar Project
315 MWdc Solar Project in Texas sold to Innergex Renewable Energy
BOSTON MA, July 2, 2018 – Longroad Energy Holdings, LLC (“Longroad”) today announced the sale of the Phoebe solar project to Innergex Renewable Energy Inc. The project also achieved financial closing and start of construction simultaneously with the sale. The 315 MWdc solar project is located in Winkler County, and upon completion, will be the largest solar project in Texas. The Phoebe project is scheduled to achieve commercial operation in the second half of 2019. First Solar is the EPC contractor and the project will be utilizing First Solar Series 6 panels. First Solar is also providing operations and maintenance to the project under a five-year agreement.
CIT led the construction and term project financing with a subsidiary of Wells Fargo providing the tax equity financing.
The project has entered a 12-year power purchase agreement with Shell Energy North America.
“We are pleased to have sold the Phoebe project to Innergex Renewable Energy Inc, who had a strategic desire to grow its solar portfolio. Longroad appreciates the cooperative spirit and participation of the many landowners involved, with a special thanks to the Wight family. Also, we would like to thank the leadership and community of Winkler County, including the Winkler County Commissioners Court and the Honorable Judge Charles Wolf, the Wink-Loving Independent School District and its Board of Trustees, and the Winkler County Hospital District,” said Paul Gaynor, CEO of Longroad.
Longroad and 7X Energy, Inc. (“7X”) jointly developed the project. Longroad arranged financing for the Phoebe project and will be assisting in the construction management. Phoebe was one of the projects comprising the 3 GW development asset transaction that Longroad completed with 7X in December 2016. The Longroad and 7X teams worked together to bring this project to completion, especially in the areas of local development and project design.
About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns and operates 684 MW of wind and solar projects across the United States in addition to operating and managing a further 552 MW of wind and solar projects on behalf of third parties. The Longroad team has developed and financed 3.8 GW of utility-scale renewable projects since 2004.
Longroad is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.
Paul Gaynor, CEO