U.S. developer Longroad Energy has confirmed the financial close of its 1000 Mile Solar project, a 400 MWdc(300 MWac) facility under construction in Yoakum County, Texas. The energy produced will be fed into the grid. Southwest Power Pool(SPP) and will support Meta’s commitment to operate with 100% clean electricity.
The financing of the 1000 Mile Solar project
The financial agreement includes a contract with contract with Meta for the purchase of long-term environmental attributes, which will enable the technology company to power its data centers with renewable electricity. This commitment is part of Meta’s goal to decarbonize its operations throughout the United States.
[post_relacionado]This project has secured fiscal capital through an agreement with Morgan Stanley Renewables, marking the first collaboration between the two companies. The debt financing was led by Société Générale and CIBC, with support from ANZ, Barclays and Key Bank. These funds will enable the technical and operational execution of the project, considered one of Longroad’s most important.
The 1000 Mile development is Longroad’s fifth solar installation in Texas, all of them equipped with First Solar‘s photovoltaic technology. This time, U.S.-made Series 7 modules will be used, a decision that strengthens the focus on local and sustainable energy solutions. Construction, by SOLV Energy, will generate more than 400 jobs at its peak.
According to EPA and REsurety data, the project is estimated to reduce regional emissions by about 475,000 metric tons of CO₂ equivalent per year, 20% more efficient than comparable solar projects in other regions of the country. In addition, tax revenues in excess of $18 million are projected for local jurisdictions over the life of the solar farm.
Longroad Energy, together with Northstar Energy Management, will assume operation and maintenance of the plant once it enters commercial operation, expected in 2026. Intelligent tracking equipment will be provided by Nextracker, incorporating 75-degree stowage technology to optimize solar collection.
1000 Mile represents a new development in Longroad’s U.S. project portfolio, which now totals 2.1 GW of capacity in Texas and more than 6 GW nationwide.
Source and photo: Longroad Energy