Longroad Energy, the Boston-based renewable energy owner and developer, announced this Monday the acquisition of a 900-megawatt solar portfolio in Arizona; projects were purchased from First Solar, and they are in different stages of development.
Firstly, the acquisition contemplates Sun Streams 2, 4 and also 5; which total about 900 MWdc in total solar capacity. Also, the purchase contemplates the potential of 1 to 2 GWh of battery storage capacity.
Secondly, the acquisition of Sun Streams 2 is already closed; the remaining 4 and 5 assets are still subject to regulatory approvals. In addition, Sun Streams 2 is under construction. McCarthy Building Company is the one doing it; it is expected to be operational in June of 2021. Its output was sold under a long-term contract.
Thirdly, Sun Streams 4 and 5 are under development, and they will come into operations around 2022 and 2024, respectively. They are both uncontracted “and uniquely positioned to accommodate a variety of offtake structures, with or without storage.”
Moreover, the contract between Longroad Energy and First Solar is for Sun Streams 2, with 200 MWdc capacity; Sun Streams 4, with 200 MWdc; and finally, Sun Streams 5, with 500 MWdc capacity.
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Longroad Energy with a growth strategy for Arizona
Consequently, Longroad’s portfolio in Arizona will grow, as it already has solar presence in the state. It is a part of its growing strategy as it has “launched the origination effort for the Sun Streams 4 and 5 projects.”
About the contract, Paul Gaynor, CEO of Longroad Energy, said. “Arizona is an important location for Longroad as we seek to bring competitive renewable projects to power buyers in the Western U.S.”
In addition, Gaynor remarked. “The Sun Streams complex has an ideal position. It is adjacent to one of the most significant power hubs in the desert Southwest and California; also, the solar resource is excellent, and we have multiple transmission options; direct access to CAISO and the Southwest markets.”
“In conclusion, we will have the ability to include a significant amount of energy storage capacity to make the assets even more competitive. We look forward to bringing the rest of the Sun Streams complex to fruition.”