Longroad Energy obtains $416 million financing for solar facility

By Sarah Lizee

Olympia, Wash., May 30 – Longroad Energy obtained $416 million of debt financing with CIT Group Inc.’s power and energy business as the coordinating lead arranger, according to a press release.

The financing, provided by seven lenders in total, will support Longroad Energy's 379-megawatt Prospero solar facility to be built in Andrews County, Texas.

The developer started construction of Prospero on May 16 with plans for commercial operations in 2020.

“Once built, Prospero is expected to be one of the largest solar farms in Texas, and even bigger than the nearby 315-megawatt Phoebe solar facility also developed by Longroad,” the release said.

CIT led a $366 million debt financing supporting the Phoebe facility in July 2018.

Boston-based Longroad Energy is a renewable energy company.

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