Longroad Reaches Financial Close On Texan PV Project


               Longroad Energy has announced financial close and commencement of construction of the 150MWac Umbriel Solar project located in Polk County Texas. Umbriel is Longroad’s sixth greenfield renewable energy project in Texas to reach financial close and is the company’s first project in Texas’s MISO footprint. Development of Umbriel began in 2017, and the project is expected to reach commercial operations by the end of this year. Longford Energy vice president of origination and development operations Adam Horwitz said: “Texas continues to be an attractive market for solar development, and we are pleased to achieve financial close and begin construction on Umbriel. “Umbriel’s closing marks over 1.7GW of total wind and solar projects developed, financed, and built in Texas by the Longroad team. “Thank you to our many project participants and partners who made reaching this important milestone possible.”

               Umbriel’s total output will be purchased by Entergy Texas via a long-term PPA. 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. During construction, Umbriel is projected to employ close to 300 people.






Credits: [Image: Longroad]

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