Longroad Energy Closes Financing on 220 MW Serrano Project

Longroad Energy has announced the financial close of Serrano, its 220 MW solar and 214 MW storage project in Pinal and Pima counties, Ariz., with site commercial operations expected to commence next year. 

Serrano is the company’s first project to utilize First Solar’s domestically manufactured Series 7 panels, with output slated to be purchased by Arizona Public Service (APS) via a long-term PPA. 

“Longroad is pleased that our Serrano project has achieved the milestones of financial closure and commencement of construction,” says Paul Gaynor, CEO of Longroad Energy.

“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 1.5 GW 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.”

McCarthy Building Companies is the project’s EPC contractor. Serrano’s BESS will be provided by storage platform provider Powin and will include SMA inverters and cells from AESC, to be integrated into Powin’s Modular and Scalable Centipede Energy Storage Platform. Longroad, in conjunction with Powin and NovaSource Power Services, will provide long-term operations and maintenance services for the BESS.

Nextracker is supplying trackers for the project and Sungrow is supplying the solar inverters. Comprehensive operations and maintenance services for the project will be provided by NovaSource Power Services and Longroad affiliate Longroad Energy Services.

Debt financing was led by CIBC and Societe Generale and included ANZ, PNC, Commerzbank AG and U.S. Bancorp Impact Finance. CIBC acted as coordinating lead arranger, administrative agent, collateral agent and green loan coordinator. Societe Generale acted as coordinating lead arranger. U.S. Bancorp Impact Finance served as joint lead arranger and depositary bank. Athene Annuity and Life Insurance Company, an affiliate of Apollo Global Management, is the project’s tax equity investor and was advised by Apterra Infrastructure Capital.