Longroad Energy has successfully closed the financial deal for its Serrano project, a solar and storage project comprising 220 MWdc solar and 214 MWac / 855 MWh in Pinal and Pima Counties, Arizona. Construction has already started, with commercial operations set to begin by mid-2025. The project will use domestically produced Series 7 panels from First Solar.
Arizona Public Service has committed to a long-term Power Purchase Agreement to procure the power generated, which is expected to power around 61,000 homes in the area and bolster grid reliability, especially during Arizona’s scorching summer season. McCarthy Building Companies (McCarthy) has been selected as the engineering, procurement, and construction (EPC) contractor. Moreover, the project is anticipated to employ over 300 people during construction.
Furthermore, debt financing was done by CIBC and Societe Generale, with ANZ, PNC, Commerzbank AG, and U.S. Bancorp Impact Finance also participating. CIBC took on several roles, including Coordinating Lead Arranger, Administrative Agent, Collateral Agent, and Green Loan Coordinator, while Societe Generale acted as Coordinating Lead Arranger, and U.S. Bancorp Impact Finance was Joint Lead Arranger and Depositary Bank. Athene Annuity and Life Insurance Company, affiliated with Apollo Global Management, has invested in tax equity for the project, with guidance from Apterra Infrastructure Capital.
