Longroad Energy announced the completion and funding of the term financing for Sun Streams 2, a 200 MW solar project in Maricopa County, Arizona, near Phoenix.
Longroad acquired the project in February from First Solar, the original developer.
CIBC was the coordinating lead arranger, collateral agent, and issuing bank for the financing. Silicon Valley Bank served as coordinating lead arranger and administrative agent. Helaba participated. PNC Bank was the tax equity investor.
Sun Streams 2 has a 20-year revenue agreement with Microsoft for the project’s energy, renewable energy credits, and capacity, which will support its new datacenter region known as West US 3.
First Solar supplied its Series 6 modules for the project, which was built by McCarthy. Trackers were supplied by Nextracker and inverters by SMA.
Sun Streams 2 is one of four Maricopa County projects that Longroad acquired from First Solar. The PV and storage portfolio totals roughly 900 MW with the potential for 1-2 GWh of battery storage. Sun Streams 3, 4, and 5 are development projects with target operational dates between 2022 and 2024.
Longroad’s affiliate, Longroad Energy Services, is the asset manager and operator, and will provide remote monitoring services to the project.
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