Solar project Sun Streams, the 200-megawatt capacity complex located in Arizona, has reached capital and financing completion; Longroad Energy, its current developer and owner, announced this Wednesday.
Firstly, Longroad Energy is a US-based renewable energy developer, owner and operator; currently, it owns 1.6 GW of operational and under construction wind and solar projects across the United States. Also, it operates and manages 3.6 GW in project services.
Secondly, the company acquired just recently the Solar Streams portfolio; it did it from First Solar in early 2021. After a number of months, the company has completed the term financing of the project; granting it with all the capital structure it needs to operate.
Thirdly, CIBC was the coordinating lead arranger, collateral agent and issuing bank; while Silicon Valley Bank served as coordinating lead arranger and administrative agent. Helaba participated. PNC Bank was the sole tax equity investor.
Moreover, the Sun Streams 2 is one of four Maricopa County-based projects that Longroad acquired from First Solar in February 2021. The PV and storage portfolio totals approximately 900 MWdc; with the potential for 1-2 GWh of battery storage.
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Solar project Sun Streams with two more phases and agreement with Microsoft
In addition, it has a 20-year revenue agreement with Microsoft; for the energy, RECs, and capacity of the full project to support the renewable energy goals of its new sustainable datacenter region, West US 3.
Furthermore, the Sun Streams 3 and 4 are currently under development, and they will reach commercial operations around 2022 and 2024. The projects also have an ideal position to accommodate a variety of offtake structures, with or without storage.
Additionally, the projects will generate over $5 million in tax revenue for the state; as well as $40 million for schools via a long-term lease with the Arizona State Land Department.
On the other hand, about the project’s relevance, Peter Keel, Chief Financial Officer of Longroad Energy, said. “Sun Streams 2 is also a great project, and we are happy to finalize the permanent capital structure. We are grateful to our lenders CIBC, Silicon Valley Bank; and also, Helaba.”
Finally, the project will be adjacent to a significant power hub in the desert Southwest and California, offering clean energy resources and access to multiple transmission options with direct access to CAISO and the Southwest markets.
