Longroad Energy Acquires 900 MW Arizona Solar Portfolio from First Solar

Longroad Energy Holdings, a U.S.-based renewable energy developer, owner and operator, has signed the acquisition of Sun Streams 2, 4 and 5 – which total approximately 900 MW DC in total solar capacity – plus the potential for 1 GWh to 2 GWh of battery storage. Longroad also closed the acquisition of Sun Streams 2 – the closing of Sun Streams 4 and 5 is subject to regulatory approvals and customary closing conditions.

The Sun Streams 2 (200 MW DC) project located in Maricopa County, Ariz., is one of three solar projects that Longroad Energy is acquiring from First Solar Inc., a U.S. manufacturer of solar panels and a provider of utility-scale PV power plants. Sun Streams 2 is under construction and is expected to be operational June. Its energy production is sold under a long-term contract. Sun Streams 4 (200 MW DC) and Sun Streams 5 (500 MW DC) are both development projects.

Longroad will also power its Sun Streams portfolio with First Solar’s solar technology and has executed purchase agreements for 900 MW DC of Series 6 modules, of which 700 MW DC represent new bookings for First Solar. Sun Streams 4 and 5 are development projects with target operational dates of 2022 and 2024, respectively.  Both projects are currently uncontracted and positioned to accommodate a variety of offtake structures – with or without storage. 

“Arizona is an important location for Longroad as we seek to bring competitive renewable projects to power buyers in the Western U.S.,” says Paul Gaynor, CEO of Longroad Energy. “The Sun Streams complex is adjacent to one of the most significant power hubs in the desert Southwest and California, the solar resource is excellent and we have multiple transmission options with direct access to CAISO and the Southwest markets. We also have the ability to include a significant amount of energy storage capacity to make the assets even more competitive. We look forward to bringing the rest of the Sun Streams complex to fruition.”

The Sun Streams acquisitions build on a growing presence in Arizona for Longroad, which already owns operating solar projects in the state as well as an existing development portfolio. Longroad has launched the origination effort for the Sun Streams 4 and 5 projects.   

Photo: The Sun Streams 2 project

Original Source: https://solarindustrymag.com/longroad-energy-acquires-900-mw-arizona-solar-portfolio-from-first-solar