Longroad Vitality acquires 900 MW Arizona solar portfolio from First Solar
Longroad Energy Holdings, a US-based developer, owner, and operator of renewable energy, has signed the acquisition of Sun Streams 2, 4 and 5, which offer a total solar capacity of approximately 900 MW DC and the potential for 1-2 GWh of battery storage. Longroad also completed the acquisition of Sun Streams 2 – the closure of Sun Streams 4 and 5 is subject to regulatory approvals and customary closing conditions.
The Sun Streams 2 (200 MW DC) project in Maricopa County, Arizona, is one of three solar projects that Longroad Energy is acquiring plants from First Solar Inc., a US manufacturer of solar modules and utility-scale PV power. Sun Streams 2 is under construction and is expected to be operational in June. The power generation 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 supply First Solar's solar technology to its Sun Streams portfolio and has entered into purchase agreements for 900 MW DC of Series 6 modules, 700 MW DC of which represent new bookings for First Solar. Sun Streams 4 and 5 are development projects with target operating dates of 2022 and 2024, respectively. Both projects have not yet been awarded and are positioned so that they can accommodate a large number of acceptance structures – with or without storage.
"Arizona is a key location for Longroad as we want to offer competitive renewable energy projects to pantographs in the western US," said Paul Gaynor, CEO of Longroad Energy. “The Sun Streams Complex borders one of the most important power hubs in the southwestern desert and in California. The solar resources are excellent and we have multiple transmission options with direct access to CAISO and the Southwest markets. We also have the option of bringing in a significant amount of energy storage capacity to make the assets even more competitive. We look forward to building the rest of the Sun Streams complex. "
The Sun Streams acquisitions build on Longroad's growing presence in Arizona, which has operating solar projects in the state and an existing development portfolio. Longroad has started origination efforts for the Sun Streams 4 and 5 projects.
Photo: The Sun Streams 2 Project