Longroad Energy has successfully secured financing for its Sun Pond solar project, a significant new development in Maricopa County, Arizona. The project, which is the fifth installment in Longroad’s expanding Sun Streams Complex, will feature a 111 MWdc solar array integrated with an 85 MWac / 340 MWh battery energy storage system. Construction commenced in late 2024, with the facility slated to begin commercial operations by mid-2026.
The project’s complete financing package was led by U.S. Bancorp Impact Finance, which served as the Coordinating Lead Arranger, Administrative Agent, and tax equity investor. Commerzbank AG and CIBC also participated as key lenders. “Our team’s ability to offer comprehensive financing solutions such as tax equity financing and project finance debt…demonstrates U.S. Bank’s commitment to meeting the needs of our clients like Longroad,” stated Darren Van’t Hof, Managing Director of Environmental Finance at U.S. Bancorp Impact Finance.
Sun Pond will strengthen the long-standing partnership between Longroad and Arizona-based manufacturer First Solar. The facility will utilize First Solar’s American-made thin-film Cadmium Telluride (CdTe) photovoltaic modules alongside inverters from Sungrow. Georges Antoun, Chief Commercial Officer at First Solar, commented on the collaboration, saying, “As America’s solar company, we are proud of our technology’s role in delivering cost-competitive electricity to support our nation’s economic growth and energy security.”
The clean energy generated by Sun Pond is fully contracted under long-term Power Purchase Agreements (PPAs) with California-based offtakers, the City of San Jose and Ava Community Energy. Once operational, the project is expected to generate enough electricity to power approximately 35,000 average U.S. households and will offset over 145,000 metric tons of carbon dioxide emissions annually.
Paul Gaynor, CEO of Longroad Energy, emphasized the project’s wide-ranging benefits. “We are providing customers with clean, affordable renewable energy to support grid reliability, while contributing to the local economy through lease and tax payments totaling $30 million for public schools and local jurisdictions.”
McCarthy Building Companies has been selected as the engineering, procurement, and construction (EPC) contractor. The construction phase is anticipated to create over 200 jobs, with McCarthy committed to hiring registered apprentices and adhering to the prevailing wage requirements of the Inflation Reduction Act. “Building solar projects allows us to further develop Arizona’s solar workforce while also investing in our nation’s diverse energy infrastructure,” said Chris Fletcher, McCarthy Vice President of Operations.
Sources on Longroad Finalizes Financing for Sun Pond Solar Project in Arizona
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