Longroad Announces Financial Close On & Begins Construction of 202 MW Umbriel Solar Project

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American renewable energy player Longroad Energy has announced the financial close of Umbriel Solar which is a 202 MWdc (150 MWac) solar PV project in Polk County, Texas. The firm said that the construction of the solar project has also commenced.

Umbriel is sixth greenfield RE project of Longroad in Texas to reach financial close and is the company’s first project in Texas’s MISO footprint. Umbriel solar project is expected to reach commercial operations by the end of 2023.

Adam Horwitz, VP of Origination and Development Operations at Longroad Energy, said, “Umbriel’s closing marks over 1.7 GW of total wind and solar projects developed, financed, and built in Texas by the our team.”

Umbriel’s total output, enough to power more than 30,000 homes, will be purchased by Entergy Texas Inc. (ETI) via a long-term PPA with Longroad.

“Umbriel Solar marks a major milestone, as it will be our first solar resource to come online, further diversifying our portfolio,” said Abigail Weaver, Entergy Texas director of resource planning and market operations.

Facilitating financial close

The debt facilities were provided by Zions Capital Markets as a Coordinating Lead Arranger and Administrative Agent, Silicon Valley Bank as a Coordinating Lead Arranger, and Rabobank as a Joint Lead Arranger. Longroad separately arranged tax equity for Umbriel.

The project will be constructed by McCarthy Building Companies. Umbriel is expected to achieve avoided emissions of 250,000 metric tons of CO2 emissions annually.

During operations, the project is projected to generate over $9 million for the Livingston Independent School District (LISD), and over $4 million in tax revenue to Polk County.

US-based Longroad Energy Holdings, LLC is into development, operating assets, and services in RE segment. It has developed or acquired 4.3 GW of renewable energy projects across the US and has raised $10 billion of equity, debt, and tax equity to support completion of the portfolio.

Today, Longroad owns over 2.4 GW of wind, solar, and storage projects and operates and manages a total of 4.0 GW on behalf of the firm and third parties.