Advancing Renewable Energy in Arizona
Longroad Energy, a U.S.-based renewable energy developer, has successfully closed financing for its Sun Streams 4 project, featuring a 377 MWdc solar facility and a 300 MWac / 1200 MWh storage system. This marks Longroad’s most extensive solar and storage initiative to date, located in Maricopa County, AZ.
Key Details
Project Overview
Sun Streams 4, Longroad’s third project in the Sun Streams complex, is set to become operational by mid-2025. It’s expected to generate enough power to supply 120,000 homes and contribute significantly to Arizona’s system reliability, particularly during peak summer demand.
Strategic Partnership
Arizona Public Service (APS) has committed to purchasing the total output of Sun Streams 4 through a long-term Power Purchase Agreement (PPA). This partnership supports APS’s commitment to diverse and reliable energy portfolios.
Leadership Statements
Paul Gaynor, CEO of Longroad Energy, expressed pride in Sun Streams 4, highlighting its distinction as Longroad’s largest project to date and commending the support from various partners and authorities.
Justin Joiner, APS Vice President of Resource Management, emphasized the importance of adding solar power to their energy mix for long-term customer benefit.
Project Financing and Partnerships
CIBC-led Financing Syndicate
The debt financing, led by CIBC, involved a syndicate of banks, including ANZ, PNC, BNP Paribas, and others. U.S. Bancorp Impact Finance played a significant role, offering both tax equity and debt financing to support the project.
Supplier Involvement
First Solar, part of the Sun Streams portfolio, will supply Longroad with its advanced Series 6 Plus solar modules for Sun Streams 4.
Construction and Employment
During construction, Sun Streams 4 is expected to employ over 200 people. McCarthy Building Companies, the engineering, procurement, and construction (EPC) contractor, is a continuation of their successful collaboration.
Environmental Impact and Community Contribution
Sun Streams 4 is projected to avoid over 625,000 metric tons of CO2 emissions annually, equivalent to removing approximately 140,000 gas-powered cars from the road annually. The project also includes wildlife corridors to protect native species and contribute over $100 million in revenue for Arizona schools and communities over its life.
Longroad’s Commitment
Hussain Al Nowais, Chairman of Longroad Energy, highlighted the company’s dedication to developing clean energy projects and creating jobs.
About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy focuses on renewable energy project development, operating assets, and services. The company has developed or acquired 4.9 GW of renewable energy projects in the U.S., raising over $12.8 billion to support its portfolio. Owned by various entities, including the NZ Superannuation Fund and Infratil Limited, Longroad operates over 5.0 GW on behalf of itself and third parties.
Source:prnewswire.com
