Introduction:
Longroad Energy, a leading renewable energy developer, owner, and operator in the U.S., has announced the financial closure of its groundbreaking Serrano project. Located in Pinal and Pima Counties, Arizona, Serrano is set to become a beacon of sustainable energy, featuring a 220 MWdc solar array and a 214 MWac / 855 MWh storage facility. As Longroad's first venture utilizing First Solar's Series 7 panels made in America, this project marks a significant step forward in supporting domestic manufacturing and the solar supply chain.
A Strategic Partnership for a Sustainable Future:
The Serrano project's output will be purchased by Arizona Public Service (APS) through a long-term Power Purchase Agreement (PPA), highlighting a collaborative effort to enhance grid reliability and provide clean energy to approximately 61,000 homes in Arizona. This initiative not only reflects Longroad's commitment to expanding its solar footprint in the Arizona market but also underscores the importance of fostering partnerships to achieve renewable energy goals.
Financing and Construction: Paving the Way for Renewable Energy
Financing for the Serrano project was led by CIBC and Societe Generale, with contributions from other financial institutions, totaling $650mn. This financing structure showcases the bankability of renewable energy projects and the confidence of the financial sector in sustainable investments. McCarthy Building Companies has been selected as the engineering, procurement, and construction (EPC) contractor, further emphasizing the project's commitment to supporting local jobs and adhering to the Inflation Reduction Act's provisions.
Innovative Technology and Community Impact
Serrano's battery energy storage system (BESS) will be supplied by Powin, featuring SMA inverters and AESC cells integrated into Powin's Centipede™ Energy Storage Platform. The project will also benefit from Nextracker's trackers and Sungrow's solar inverters, highlighting the use of advanced technology in renewable energy projects. Additionally, Serrano is expected to contribute over $25 million in revenue to Arizona schools and communities, demonstrating the project's positive impact on the environment and local economy.
Conclusion:
The Serrano project by Longroad Energy is a testament to the potential of renewable energy in driving sustainable development and supporting local communities. As the project progresses towards commercial operations in mid-2025, it stands as a symbol of innovation, collaboration, and commitment to a cleaner, greener future.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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