Longroad Energy has successfully completed the financial arrangements for its Serrano solar-plus-storage project located in Pinal and Pima Counties, Arizona, US.
The project includes a 220MW solar facility and a 214MW/855MWh battery energy storage system (BESS). Construction is currently underway, and commercial operations are anticipated to begin by mid-2025.
The project’s debt financing was led by CIBC and Société Générale, with additional support from ANZ, PNC, Commerzbank, and US Bancorp Impact Finance.
Athene Annuity and Life Insurance Company, a part of Apollo Global Management, has invested in the project as the tax equity investor, with advisory services provided by Apterra Infrastructure Capital.
CIBC US project finance and infrastructure head Peter O’Neill stated: “As a strategically important project for the state of Arizona and for Longroad Energy, CIBC is proud to have led this financing for Serrano as co-ordinating lead arranger, green loan coordinator and administrative agent.
“Our continued role in supporting Longroad in the build-out of their development pipeline is one example of CIBC’s commitment to the US renewable energy and energy transition space as we work towards enabling a more sustainable and inclusive economy.”
The Serrano project will produce energy for Arizona Public Service through a long-term power purchase agreement. It is capable of providing clean electricity to 61,000 homes in Arizona.
First Solar, a US-based solar manufacturer, has been chosen to supply the solar modules for the project, using thin-film Series 7 modules.
Additionally, the project will be equipped with a 214MW/855MWh energy storage system provided by US-based energy storage platform provider Powin, featuring inverters from SMA and cells from AESC, all integrated into Powin’s Centipede energy storage Platform.
Longroad, along with Powin and NovaSource Power Services, will oversee the long-term operations and maintenance for the energy storage system.
McCarthy Building Companies is in charge of the engineering, procurement, and construction of the Serrano project.
Longroad Energy CEO Paul Gaynor expressed satisfaction with the project’s financial closure and the start of construction.
“We are proud to support American manufacturing and the domestic solar supply chain as we expand our solar footprint in the robust Arizona market, which now surpasses 1.5GW of operating or under construction projects.
“Longroad is grateful to our banking partners, APS, McCarthy and state and county authorities as we move forward to bring this important project to commercial operations.”
Source Longroad
