Longroad Energy Achieves Financial Close of 1000 Mile Solar, a 400 MWdc Project

Longroad Energy, a U.S. based renewable energy developer, owner and operator, announced the financial close and recent commencement of construction of 1000 Mile Solar, its 400 MWdc (300 MWac) solar project in Yoakum County, Texas.  In late 2024 Longroad finalized a long-term offtake agreement with Meta in the form of an Environmental Attributes Purchase Agreement, which includes a financial settlement arrangement for the entire energy output of 1000 Mile.  The project is expected to achieve commercial operations in 2026.

The output of the 1000 Mile project will be delivered into the Southwest Power Pool (SPP) grid, advancing Meta's target to support its data center operations with 100% clean energy.

"1000 Mile Solar is our seventh renewable energy project in Texas and a milestone project for Longroad," said Paul Gaynor, CEO of Longroad Energy.  "1000 Mile is Longroad's first project in the SPP region and brings us to 2.1 GW of successfully developed utility-scale projects in Texas in all three RTO regions, ERCOT, MISO and SPP.  Thank you to Meta, our banking partners, our contractor SOLV, our suppliers, and to Yoakum County officials for their roles in helping us advance 1000 Mile."

A commitment from Morgan Stanley Renewables Inc. for tax equity financing for 1000 Mile has closed.

"We are excited to partner with Longroad for the first time on its largest solar project developed – a landmark transaction for the company," said Jorge Iragorri, Managing Director and Co-Head of Infrastructure Capital Markets at Morgan Stanley. 

Debt financing for 1000 Mile was led by Societe Generale and CIBC, with additional participation by ANZ, Barclays, and Key Bank.

"SG is thrilled to have played a lead role in supporting Longroad Energy to raise the debt financing for 1000 Mile Solar," said Ahmed Maqsood, Director at Societe Generale's Energy+ Group.  "This financing enables a landmark project like 1000 Mile to deliver clean, cost-effective renewable power to the region and to meet the unprecedented growth in the demand for power."

"CIBC is proud to have led the 1000 Mile Solar financing as Co-Coordinating Lead Arranger and Administrative Agent," said Peter O'Neill, Head of U.S. Project Finance and Infrastructure at CIBC.  "Our ongoing support for Longroad as they expand their development pipeline demonstrates CIBC's commitment to advancing renewable energy and the energy transition in the U.S."

1000 Mile is Longroad's fifth solar facility in Texas, with all five utilizing First Solar's photovoltaic technology.  The project will employ First Solar's American-made Series 7 modules.

"We are thrilled that Longroad Energy trusts our uniquely American energy technology to support operations in Texas, while enhancing grid reliability," said Georges Antoun, Chief Commercial Officer, First Solar.  "We're proud to be powering a critical pillar of our nation's economic growth with American innovation."

SOLV is the engineering, procurement and construction (EPC) contractor on 1000 Mile.  The project is expected to employ over 400 people during peak construction. 

"SOLV Energy is proud to continue our partnership with Longroad Energy on the 1000 Mile Solar project.  As a full lifecycle services provider, we're committed to delivering not only high-quality EPC services but also the infrastructure and technology that ensure long-term reliability and performance.  This project reflects our mission to power forward-thinking companies and communities with clean, reliable energy that scales."

Nextracker is providing the smart tracker equipment for the project which will feature its new 75-degree stow capability.  Longroad will provide long-term operations and maintenance services through its affiliate Longroad Energy Services with additional O&M support provided by Northstar Energy Management, LLC.

Environment and Community
According to the EPA AVERT, the 1000 Mile project will reduce regional emissions by approximately 475,000 metric tons of CO2 equivalent annually.  Further, an analysis by REsurety found the carbon abatement impact is expected to be over 20% higher than comparable solar projects sited elsewhere in the United States.

1000 Mile will contribute more than $18 million in tax revenue to local tax jurisdictions over the life of the project.  Longroad extends its appreciation to staff and officials from Yoakum County for their continued collaboration during development and construction of the project.

Longroad Energy | https://www.longroadenergy.com/