The 150MW Umbriel Solar project, which is being built in Polk County, Texas, has been declared by Longroad Energy as having reached financial close and starting construction.
The company’s first project in Texas’s MISO area, Umbriel is Longroad’s sixth greenfield renewable energy project in Texas to attain financial close.
Umbriel’s development started in 2017, and by the end of the year, it should be ready for commercial use.
Adam Horwitz, Longford Energy vice president of origination and development operations, 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.”
Entergy Texas will purchase the whole output of Umbriel under a long-term PPA.
Zions Capital Markets, acting as coordinating lead arranger and administrative agent, Silicon Valley Bank, acting as coordinating lead arranger, and Rabobank, acting as joint lead arranger, all supplied the debt facilities.
For Umbriel, Longroad organised tax equity separately.
McCarthy Building Companies will carry out the construction.
Umbriel is expected to employ close to 300 people while it is being built.
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